Pershing Square Activist Presentation Deck
D
A Revised Proposal for Creating Value
at McDonald's
Final Revised Proposal.ppt
Addressing Potential Franchisee Questions
Question: How will this change a franchisee's day-to-day interaction with McDonald's
Corporation?
Answer: There will be no changes. A franchisee's day-to-day interaction with McDonald's will not
be affected by the creation of a publicly traded McOpCo.
However, the franchisee community may find a strong ally in a publicly traded McOpCo
McOpCo's management will be able to push back on lower margin / low return new products
introduced by Corporate McDonald's
McOpCo will improve the check and balance mechanisms in the system
ā
Testing at McOpCo on new products will be a better benchmark for how a product will perform
throughout the system
Many McOpCo stores in the U.S., Canada and U.K. will be up for refranchising
ā Franchisee representation on McOpCo's Board will improve McOpCo's credibility and
communication with the system
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