Pershing Square Activist Presentation Deck

Management is Also Considering a Leveraged Buyback Reuters, July 1, 2014: "Pyott has met with investors to talk about the company's defense, which he said could include issuing new debt to buy back shares. He said Allergan could borrow up to $10 billion without affecting its investment-grade rating, but he did not say how much the company might spend on the buybacks." Source: Reuters. 113

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