Pershing Square Activist Presentation Deck
Management
has Highlighted M&A as a Primary
Use of Cash in the Past
David Pyott, Allergan Chairman and CEO; Q3 2012 Earnings Call:
"And I think you as investors would prefer that we find good-return
assets like that versus the very modest levels of return we can get by
investing in the capital markets where, obviously, right now, the
returns are very, very low indeed."
Jeff Edwards, Allergan CFO; Q1 2011 Earnings Call:
"We have sufficient liquidity on our balance sheet that enables us to
be proactive with respect to business development activities. Finding
smaller opportunities that are very focused, you've noted, I'm sure,
that we've been fairly active and aggressive in those areas. Finding
that larger opportunity is a bit tougher and we're very disciplined how
we go about it."
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