We are not able to detect cookies and/or javascript. Please enable cookies and javascript in your browser settings to use this site.


The materials included on this website (the “Materials”) are being provided by, and represent the opinions of, D. E. Shaw & Co., L.P. (“DESCO”) on behalf of certain investment funds managed or advised by it (the “Funds”) that currently beneficially own, or otherwise have an economic interest in, shares of the company discussed in the Materials (the “Company”). The Materials are for informational purposes only and do not take into account the specific investment objectives, financial situation, suitability, or particular need of any person who may receive the Materials. Nothing in the Materials constitutes investment, financial, legal, or tax advice, and the Materials should not be relied on as such.

The views expressed in the Materials are based on publicly available information and DESCO’s analyses. The Materials contain statements reflecting DESCO’s opinions and beliefs with respect to the Company and its business based on DESCO’s research, analysis, and experience. All such statements are based on DESCO’s opinion and belief, whether or not those statements are expressly so qualified. DESCO acknowledges that the Company may possess confidential information that could lead the Company to disagree with DESCO’s views and/or analyses. Certain financial information and data used in the Materials have been derived or obtained from filings made with the U.S. Securities and Exchange Commission by the Company or by other companies that DESCO considers comparable. DESCO has not sought or obtained consent from any third party to use any statements or information indicated in the Materials, and no such statements or information should be viewed as indicating the support of any third party for the views expressed in the Materials. The Materials may include trade names, trademarks, service marks, and/or logos, all of which are the property of their respective owners.

Information contained in the Materials has not been independently verified by DESCO, and neither DESCO nor any of its affiliates makes any representation or warranty, whether express or implied, as to the accuracy, fairness, or completeness of the information contained herein. By clicking “ACCEPT” below, each recipient agrees and acknowledges that it will not rely on any such information. None of the companies in the D. E. Shaw group; nor any of their respective affiliates; nor any shareholders, partners, members, managers, directors, principals, personnel, trustees, or agents of any of the foregoing shall be liable for any errors or omissions (as a result of negligence or otherwise, to the fullest extent permitted by law in the absence of fraud) in the production or contents of the Materials, or for the consequences of relying on such contents.

All of the information in the Materials is presented as of the date of the Materials (except as otherwise indicated), is subject to change without notice, and may have changed (possibly materially) between the date as of which such information is presented and the date the Materials were received. No member of the D. E. Shaw group has any obligation to update the information in the Materials to account for changes subsequent to any date as of which such information is given or to provide any additional materials.

As of the date of the Materials, the Funds beneficially owned, and/or had an economic interest in, shares of the Company. The Funds are in the business of trading (i.e., buying and selling) securities, and it is expected that the Funds will from time to time engage in transactions that result in changes to their beneficial and/or economic interest in the Company. To the fullest extent permitted by law, DESCO may cause the Funds to buy or sell shares in the Company, or otherwise to change the form or substance of any of their investments in the Company, without notice to or the consent of the Company or any other recipient of the Materials.

The Materials may contain certain information that constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “expect,” “will,” “hope,” “forecast,” “intend,” “target,” “believe,” and/or comparable terminology (or the negatives thereof).  Actual events, results, and/or performance may differ materially from what is contemplated in such forward-looking statements.  Any such forward-looking statements have been prepared based on, among other things, DESCO’s current view of economic conditions, which view it believes to be reasonable in light of information that is presently available but which may prove to be incorrect.  This information is subject to uncertainties, changes, and other risks beyond DESCO’s control, including without limitation broad trends in business, finance, and the economy (including, for example, monetary policy, interest rates, inflation, and currency values), legislation and regulation, the availability and cost of short-term and/or long-term funding and capital, and the conditions prevailing in the securities and/or other markets.  Industry experts may disagree with DESCO’s views.  No assurance, representation, or warranty is made by any person that any of DESCO’s aims, assumptions, expectations, objectives, and/or goals will be achieved.  Nothing contained in the Materials may be relied upon as a guarantee, promise, assurance, or representation as to the future.

The Materials do not convey an offer of any type. They are not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any security, including without limitation an interest in any Fund.

By clicking “ACCEPT” below, each recipient agrees not to modify the Materials and to distribute the Materials only in unmodified form, with all disclaimers and legends included.

By clicking the “ACCEPT” button below, I confirm that I have read the terms of access and use above and that I understand such terms and agree to abide by them.