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  "notes": "The slide presents a comparative analysis of exchange ratios for a merger, showing low, high, and midpoint values alongside a fixed 'AR Holders All-In Exchange Ratio'.",
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      "text": "(1) Assumes a 1.6023x base exchange ratio and $3.00 per unit in cash. Based on a 10-day VWAP as of October 5, 2018, the cash value in exchange ratio terms is 1.775x.",
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      "text": "MERGER CONSIDERATION ANALYSIS (CONT.)",
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