Pershing Square Activist Presentation Deck
The Valeant Offer is Certain and Adequate
Certainty of the
offer
Adequacy of the
offer
Appropriateness
of the board's
response
■ Partnership with Pershing Square and action to date indicate Valeant is a
serious buyer
No financing contingency; Tender offer launched; Initiated HSR review
Investors and research analysts endorse Valeant's operating model and
the strategic merits of the deal
■ Offer is compelling by transaction multiples and premiums
The offer represents an attractive premium to the "unaffected"
standalone price today absent Valeant's offer, as well as to the 12-
month analyst price targets before the initial bid
■ Offer meets the "asking-price" of long-term investors
Downside risk is significant
To date, the Allergan board has not responded properly by refusing to
engage with Valeant to perform due diligence on the transaction
proposal and by attempting to thwart Pershing Square's special
meeting process to determine the will of shareholders
46View entire presentation