This PDF is composed of several source pieces. Five of them are PNGs containing an alpha channel. One is a PNG with no alpha channel. And the last piece is a Photoshop PDF with transparency effects. The pieces were assembled using ABCpdf 9.1.
On Acrobat 9, Foxit Reader, and Chrome's in-browser PDF viewer, these display correctly, with the Photoshop background showing through the transparent part of the alpha channel PNGs, and the non-alpha PNG showing through the center of the Photoshop image.
On Acrobat X or Acrobat XI, anything that is meant to be a transparent area is instead solid white. If Edit/Preferences/Page Display/Show transparency grid is checked, then the solid white becomes the gray checkerboard. But the background never shows through.
(Yes, these screenshots are of different PDFs, and both are different from the PDF linked above. But the transparency problem affects all of them.)
Does anyone know why it would be doing this? Did we construct it wrong?