Pershing Square Activist Presentation Deck
Using the Fair Value of the Combined Company
Implies a Considerably Higher Offer Value
► We believe Allergan's board has erred in using Valeant's current
stock price to value the transaction
We believe a valuation that takes into account the fair value of the
combined company, of which Allergan investors will own ~44%, is
the proper methodology for valuing the offer
Equity Consideration
Calculation
Valeant
Stock X
Price
Exchange
Ratio
$182 X 0.83
Per Share
Equity
Consideration
$151
$10.85 x 16.8 p/e = $182 per share
Pro-Forma 2014 EPS = $10.85(1)
Blended Unaffected 2014 P/E Multiple = 16.8x(²)
34
Per Share
Cash
Consideration
$72
||
Total
$223
(Source Management estimate, Valeant June 2nd presentation
(2) Source Management estimate, Valeant May 28th presentationView entire presentation