Pershing Square Activist Presentation Deck
Adequacy of the Offer Scorecard:
Fair Value
Transaction
premium
Transaction
multiple
Unaffected
standalone price
Analyst price
targets
Deal spread
Long-term investor
feedback
Descriptions
☐ 91% 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
☐ 10.6x EV/LTM Revenue
30.3x EV/LTM EBITDA
56.3x LTM P/E
☐ Offer represents -72% -81% premium over Allergan's standalone price today
Valeant/Pershing Square's cash and stock offer is a 65% premium to the median
Allergan equity research analyst price target prior to Valleant/Pershing Square's
initial public offer
Currently trading 25.1% below the offer)
☐ 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.
45
ScoreView entire presentation