Pershing Square Activist Presentation Deck
Valeant: Share Price Performance
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2/22/15: Valeant announces
initial agreement to acquire
Salix for $14.5bn
2/9/15: Pershing Square begins
to accumulate Valeant shares;
16.5mm shares purchased at
average cost of $196 per share
through March 17th
50
Jan 2015
Feb 2015
Mar 2015
Valeant Share Price - 1/1/15 to 10/29/15
4/29/15: Valeant announces
strong Q1 earnings; CFO Howard
Schiller announces retirement,
but remains on Board and
maintains stock ownership
3/16/15: Valeant announces
revised agreement to acquire
Salix for $15.8bn; Pershing
Square acquires 3mm additional
shares from Valeant at $199 to
help finance revised transaction
Apr 2015 May 2015
Jun 2015
7/23/15: Valeant announces
strong Q2 earnings and
raises FY2015 guidance
7/30/15: Former Valeant CFO and
current Board Director Howard
Schiller testifies in Congress on
corporate tax rate
Jul 2015
Aug 2015
See next page
Sep 2015
mm
Oct 2015
Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
Source: Bloomberg.
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