Pershing Square Activist Presentation Deck
Durable Portfolio:
Healthcare Transaction Comparables
Several large portfolios of durable OTC products have been
sold in the last ten years
Announced
Date
10/07/05
06/26/06
12/10/07
07/21/10
11/15/12
Asset
Boots Healthcare Int'l
Pfizer Consumer Health
Adams Respiratory
SSL International
Schiff Nutrition
Buyer
Reckitt Benckiser
Johnson & Johnson
Reckitt Benckiser
Reckitt Benckiser
Reckitt Benckiser
Price
($bn)
76
$3.4
16.6
2.3
4.2
1.5
Average
Source: Capital IQ and Wall Street research. Net Income multiples represent multiples of tax-effected EBIT excluding synergies.
(1) Multiples adjusted downward for a hypothetical 25% control premium.
xForward Net Income
Adj. for 25%
Premium¹
Reported
26x
36x
29x
25x
26x
28x
20x
29x
23x
20x
21x
23xView entire presentation