Pershing Square Activist Presentation Deck

Bad "Platforms" There are numerous examples of acquisition-intensive companies that have not succeeded ► These failures can be distinguished from the Outsider model in the following ways ■ They lacked a competitive advantage in cost structure or strategy ■ They overpaid for acquisitions to generate growth ■ They relied on overvalued equity as an acquisition currency ■ They failed to integrate and achieve cost synergies ■ They focused on growing reported GAAP earnings rather than economic earnings per share 91

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