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      "text": "Wyndham shareholders to participate in +$2B of value creation expected from $150M run rate synergies.",
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      "text": "MOVING FORWARD WITH DETERMINATION AND URGENCY: Launching an exchange offer to bring the proposal directly to shareholders; Intend to nominate a slate of directors to Wyndham Board; Potential for additional value to be unlocked if Wyndham were to return to the negotiating table and provide due diligence",
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      "text": "CONFIDENT TRANSACTION WILL RECEIVE REGULATORY APPROVALS: Intend to consummate the transaction within one year and added ticking fee as additional protection; Transaction is pro-competitive; Franchisees control pricing and decision marking; Lodging market continues to expand with new entrants",
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