Wachtell Memo 4-25-14
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Transcript of Wachtell Memo 4-25-14
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8/12/2019 Wachtell Memo 4-25-14
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@d ykur mnnrbss ehmalbs kr `d yku nk akt w`sh tk ekat aub rbeb`v`al thbsb fbfks,
pobmsb sban ma b-fm`o tkYugo`emt`kasIworj.ekfkr emoo 7=7->95-=>>5.
\/774
Mpr`o 72, 79=>
M Abw ^mjbkvbr ^hrbmt3 Uyfg`kt`e Met`v`sf
^hb Ybrsh`al Uqumrb-Tmobmat hkst`ob g`n dkr Moobrlma hms empturbn thb `fml`amt`ka.Kthbr ekfpma`bs mrb wkanbr`al whbthbr thby tkk w`oo wmjb up kab fkra`al tk d`an m rm`nbr-met`v`st tml-tbmf w`bon`al m stbmoth gokej kd thb`r stkej. Ubr`mo mequ`rbrs mrb msj`al whbthbr thbyshkuon gb okkj`al tk tmjb mnvmatmlb kd th`s abw fmabuvbr. Upbeuomt`ka man rufkr mgkuan kdkthbr rm`nbr-met`v`st pm`r`als man kthbr tmrlbts.
]ubst`kas kd oblmo`ty mrb mosk gb`al rm`sbn. Ybrsh`al Uqumrb man Tmobmat mrb okunoyprkeom`f`al thmt thby hmvb vbry eobvbroy (man prkd`tmgoy) amv`lmtbn thb`r wmy thrkulh m sbr`bs kdokkphkobs tk erbmtb m abw tbfpomtb dkr hkst`ob mequ`s`t`kas, kab `a wh`eh thb strmtbl`e g`nnbremaakt oksb man thb met`v`st lrbmtoy `aerbmsbs `ts knns kd emtmoyz`al m qu`ej prkd`t-y`bon`al bvbat,`avbst`al man str`j`al nbmos ka gkth s`nbs kd m trmasmet`ka `a mnvmaeb kd m pugo`e maakuaebfbat.
^hb g`nnbrs ekasp`eukusoy strueturbn thb`r meeufuomt`ka poma tk kutdomaj thb UBEs
kutnmtbn bmroy-wmra`al ruobs (gy us`al nbr`vmt`vbs man tmj`al mnvmatmlb kd Wbluomt`ka =5Ns=9-nmy d`o`al w`ankw) man thb Hmrt-Uektt-Wkn`ak Mat`trust d`o`al rbqu`rbfbats (uanbr wh`eheobmrmaeb `s kaoy abbnbn tk bxbre`sb kpt`kas, akt tk guy thbf). ^hby mosk tkkj bxprbss pm`as tks`nbstbp Wuob =>b-5 wh`eh kutomws `as`nbr-trmn`al `a ekaabet`ka w`th m tbanbr kddbr, gy styo`althbfsbovbs ms ek-g`nnbrs man akt (ybt) prkebbn`al tkwmrns m tbanbr kddbr.
^h`s abw strmtmlbf bfphms`zbs thb ery`al abbn dkr thb UBE tk gr`al `ts bmroy-wmra`alruobs `atk thb 7=st ebatury, ms wb hmvb gbbaurl`al dkr sbvbrmo ybmrs. ^hb UBE shkuon dkrthw`thfkvb tk eoksb thb =9-nmy d`o`al w`ankw man thb w`nb okkphkob kpbabn gy bvbr-fkrb-ekfpobxnbr`vmt`vb trmn`al sehbfbs. ^hb kaoy mrlufbat thmt maykab hms ekfb up w`th mlm`ast d`x`althbsb ruobs `s thmt met`v`st hbnlb duans abbn thb bxtrm cu`eb tk bxe`tb thbf bakulh tk shmjb up
ekrpkrmtb Mfbr`em. Bvba `d th`s mrlufbat hmn may fbr`t mppo`bn tk met`v`sf nbs labn tk`fprkvb uanbrpbrdkrf`al ekfpma`bs wh`eh wb gbo`bvb `t nkbs akt `t fkst ebrtm`aoy shkuonakt trufp thb abbn dkr dm`r man trmaspmrbat sbeur`t`bs fmrjbts, w`th duoo, prkfpt n`seoksurb kdomrlb gokej meeufuomt`kas, n`rbet kr nbr`vmt`vb. Fkrbkvbr `t hkons mgskoutboy ak wmtbr whba thblkmo `s tk l`vb hkst`ob g`nnbrs m obl up (tk thb tuab kd m g`oo`ka nkoomr prkd`t `a kab nmy kaMoobrlma).
Ybrhmps thb fkst akvbo (man, drkf ekrpkrmtb Mfbr`ems pbrspbet`vb, n`sturg`al) mspbet kdth`s abw strmtmlbf `s thb pmrtabrsh`p gbtwbba ma met`v`st hbnlb duan man m strmtbl`e mequ`rbr tkbstmgo`sh m g`llbr gbmehhbmn fkrb qu`ejoy man ehbmpoy thma hmn prbv`kusoy gbba thkulhtpkss`gob. Ranbr eurrbat ruobs, strmtbl`e g`nnbrs nk akt abbn ma met`v`st tk pursub th`s tmet`e. ^hby
ekuon ka thb`r kwa guy kpt`kas up tk >.0% `a thb tmrlbt, man thba sekkp up ms fmay fkrb ms thbyema `a thb tba nmys mdtbr erkss`al thb 2% thrbshkon gbdkrb hmv`al tk uafmsj thbfsbovbs. ^hbmet`v`st hkwbvbr gr`als sbvbrmo dmvkrs tk thb pmrty, `a mnn`t`ka tk skfb d`amae`al. Kab `s thbqubst`kamgob hkpb thmt `t ema oblmooy eoksb ka thb kpt`kas man thus ekatrko =9% kd thb tmrlbtsstkej (man vktbs) skkabr thma ts strmtbl`e pmrtabr ekuon. M sbekan `s m omrlb fblmphkab, man thbw`oo`alabss tk w`bon `t `a wmys thmt m pugo`e ekfpmay o`jboy wkuon akt, tk prbss thb emsb dkr thb`rnbmo. M th`rn `s thmt thb met`v`st hbnlb duan spbe`mo`zbs `a ekvbrt meeufuomt`kas, m sj`oo sbt thmt m
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strmtbl`e guybr wkuon hmvb tk fmstbr. Gut thb fkst `fpkrtmat th`al `t gr`als tk thb tbmf `s `tsw`oo`alabss tk gbt g`oo`kas kd nkoomrs w`thkut pbrdkrf`al may nub n`o`lbaeb gbykan m gms`e rbv`bwkd thb tmrlbts pugo`e nkeufbats. ^h`s `s bms`br dkr ma met`v`st hbnlb-duan l`vba `ts aebat`vbekfpbasmt`ka strueturb thma dkr m pugo`e ekfpmay.
^h`s thba `s thb trub nmalbr kd thb abw Tmobmat-Ybrsh`al Uqumrb tmet`e3 `t `s prbf`sbn ka mshkrt-tbrf qu`ej-prkd`t fbatmo`ty man rbo`mat ka ma `ahbrbat ekado`et-kd-`atbrbst. Ybrsh`alUqumrb `s gbtt`al g`oo`kas kd nkoomrs thmt `t ema "jakej kvbr" Moobrlma. @t nkbsat emrb fueh whkguys thb tmrlbt3 `t wkuon mppmrbatoy o`jb Tmobmat tk w`a, gut `t fmjbs m dkrtuab `d skfbkab bosbpmys m h`lhbr pr`eb. Tmobmat kd ekursb emrbs `d `t w`as, gut thb euaa`al kd thb strueturb `s thmt `tmosk stmans tk fmjb m t`ny prkd`t `d m ekfpbt`tkr tmjbs `ts pr`zb, uao`jb fkst dm`obn g`ns whbrbbvba thb prkd`t ka m tkbhkon `avbstfbat wkuon o`jboy akt ekvbr thb g`nnbrs eksts. @a may emsb,Tmobmat `s tmj`al vbry o`ttob r`sj dkr `ts s`zmgob obl up ka `ts ekfpbt`t`ka (gy jbbp`al `ts`avbstfbat gbokw thb $
