Pershing Square
addressing concerns regarding the initial proposal frictional costs credit impact alignment issues no financing no incremental debt maintain control of management minimal transaction transparency costs no taxes improves credit profile retain flexibility no transfer of no increase in franchisees property no rent hikes borrowing cost for operators preserves highly democratic system will be a net seller of units in mature markets shareholders minimal management distraction minimal execution risk mes | Pershing Square
Company
Deck Type
Sector
Industry
Deck date
January 2006
Slide
30 of 58
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