Pershing Square Activist Presentation Deck
Adequacy of the Offer Scorecard:
Look-Through
Price
Transaction
premium
Transaction
multiple
Unaffected
standalone price
Analyst price
targets
Deal spread
Long-term investor
feedback
Descriptions
= 48% premium to Allergan's unaffected closing share price of $116.63 on April 10,
2014 (see page 72 for unaffected price chart), the final trading day before Pershing
Square started to rapidly accumulate shares
7.9x EV/LTM Revenue
22.8x EV/LTM EBITDA
43.0x LTM P/E
ā Offer represents -33% - 40% premium over Allergan's standalone price today
Valeant/Pershing Square's cash and stock offer is a 28% premium to the median
Allergan equity research analyst price target prior to Valleant/Pershing Square's
initial public offer
Currently trading 3.2% below the offer)
ā Fundamental investors reportedly seeking $180 take-out price
Source Company SEC fings, Bloomberg, FactSet
(1)
(2)
Based on analyst price targets prior to April 21, 2014
Based on closing price of $167.02 as of July 14, 2014 close.
44
ScoreView entire presentation