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  "documentTitle": "Greenhill Wesco Financial Presentation Dec 2010",
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  "notes": "The slide outlines the valuation methodology (book value per share) and the structure of the offer (cash or stock election).",
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      "text": "Exchange ratio for Berkshire Class B common stock is unspecified, but would be determined by dividing the cash price per share by the VWAP for Berkshire Class B common stock over an unspecified period ending shortly before the special meeting",
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      "text": "Berkshire's offer price is equal to an estimate of Wesco's \"book value\" per share based upon: Wesco's latest reported shareholders' equity; Estimate of retained earnings; Changes in the fair value of investment securities.",
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      "text": "Structured as an election of cash or stock: Shareholders to elect either cash or Berkshire Class B common stock; If transaction is properly structured, receipt of Berkshire Class B common stock should be tax free to Wesco shareholders",
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      "text": "Accretion of interest or dividend income would be counted in retained earnings or changes in investment securities but not both",
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      "text": "Per share value then would be obtained by dividing that amount by the number of shares of Wesco outstanding, assumed to be 7,119,807",
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      "text": "This summary reflects information taken directly from Warren Buffett's letter to the Board of Directors of Wesco dated September 1, 2010",
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      "text": "Summary of Berkshire Offer",
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