Pershing Square Activist Presentation Deck
Allergan Unaffected Share Price
Allergan's unaffected share price is $116.63, the closing price on April 10,
the day before Pershing Square began its rapid accumulation program
Allergan share price and volume from 2/25/2014 to 4/21/2014
Share Price (USD)
$145
$140
$135
$130
$125
$120
$115
$110
$105
PS % of Volume
Loohoold
Apr. 9-10:
No Pershing
purchases
Unaffected
share price:
$116.63
➡Feb-25
Feb-26
Feb-27
Feb-28
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-24
Mar-25
Mar-26
Mar-27
Mar-28
Mar-31
Apr-01
Apr-02
Apr-03
Apr-04
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-14
Apr-15
Apr-16
Apr-17
Apr-21
12 17 21 15 16 15 18 14 10 18 19 17 15 16 26 23 18 22 23 17 21 19 12 25 13 18 18 27 5
Shares, Options, and Forwards Purchased by Pershing Square
Volume
0 37 30 31 38 34 39
-Share Price
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Note: Chart shows Allergan's share price, volume, and the number of shares, delta-one options, and forwards purchased by Pershing Square from February 25, 2014, the day
Pershing Square began its purchases, to April 21, 2014. Share price and volume data are as per Capital IQ.
65
Volume ('000 shares)View entire presentation