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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 77 slides",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide lists specific technical and financial adjustments made to a valuation model or proposal.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Updated materials to reflect most recent AMGP Proposal: Non-AR AM Unitholders - 1.6350x AMGP shares, $3.00 cash consideration, and a special one-time distribution on AM units of $0.415 to the non-AR AM unitholders (All-in exchange ratio of 1.8333x)(1); AR AM Unitholders - 1.6023x AMGP shares, $3.00 cash consideration (All-in exchange ratio of 1.7765x)(1)",
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      "text": "Series B units exchanged for 17.354mm AMGP shares; Addition of Tallgrass Energy, LP to pro forma comparable peer set; Comparables multiples updated to 2019 and 2020 from 2018 and 2019; Adjusted status quo AMGP terminal multiple and yield ranges based on market changes; Change in effective date to 12/31/2018 from 6/30/2018; AM tax basis rolled forward to YE 2018 from YE 2017; Hypothetical Trading Analysis based on 2019E dividends rather 2H 2018E Annualized dividends; Updated equity in unconsolidated affiliates to exclude the book depreciation on the underlying JV's; Has/gets analysis: Prior DDM analysis driven by SQ distributions which has been corrected to reference PF dividends; Corrected Unlevered FCF calculation; Updated materials for market prices at close 10/3/2018",
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      "text": "Since September 2, 2018 Special Committee Meeting",
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      "text": "Source: FactSet as of 10/3/2018. (1) As of 10/3/2018 based on a 20-VWAP pricing",
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      "kind": "title",
      "text": "Prior vs. Current",
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