Baird Investment Banking Pitch Book
CASH ELECTION ANALYSIS
($ in millions)
Public AM
Cash Election /
Unit
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Additional AR Implied
Cash
Equity
to AR
Exchange
$0
45
89
134
178
223
268
1.6023x
1.5762x
1.5501x
1.5239x
1.4978x
1.4717x
1.4456x
2019 Total
Dividends
$219
215
211
208
204
201
197
2019
Dividend Dilution
VS.
Status Quo
0.0%
(1.6%)
(3.3%)
(4.9%)
(6.5%)
(8.2%)
(9.8%)
Source: Bloomberg market data as of September 21, 2018.
(1) Assumes 1.776x "all-in" equity exchange ratio and 20-day VWAP for purposes of calculating implied equity exchange.
Total Cash to AR
(At Merger +
2019-22 Dividends)
$1,539
1,563
1,588
1,612
1,636
1,661
1,685
Cash
Increase /
(Decrease)
VS
Base Deal
0.0%
1.6%
3.2%
4.8%
6.3%
7.9%
9.5%
Preliminary Praft
Total Cash to AR +
Retained Value of
Midstream Holdings
$4,287
4,267
4,247
4,226
4,206
4,185
4,165
BAIRD
Total Value
Increase /
(Decrease)
VS
Base Deal
0.0%
(0.5%)
(1.0%)
(1.4%)
(1.9%)
(2.4%)
(2.9%)
Project Bronco | Page 7View entire presentation