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  "documentTitle": "Hilton Grand Vacations (HGV)",
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  "notes": "Uses red dashed boxes to highlight specific contradictions in valuation multiples and offer price increases.",
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      "text": "HGV is paying 10x 2019 EBITDA for Diamond vs. BofA's valuation of 6.5-8.0x",
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      "text": "HGV increased its offer for Diamond's equity by ~50% to $1.4B from its initial offer of $935M",
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      "text": "Diamond's business should trade at lower multiple than HGV according to the BofA fairness opinion",
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      "text": "Based on the financial characteristics of the selected publicly traded companies and Diamond, and based on its professional judgment and experience, BofA Securities applied calendar year 2019 and 2022 Adj. EBITDA multiples of 6.5x to 8.0x... to calculate ranges of implied enterprise values for Diamond. — BofA Securities Fairness Opinion",
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      "text": "Source: HGV's transaction announcement deck released March 10, 2021 and preliminary proxy statement filed April 15, 2021. Source: Company Filings, including Schedule 14A filed with the SEC on April 30, 2021.",
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      "text": "HGV'S OWN ADVISOR BELIEVES DIAMOND SHOULD TRADE AT LOWER MULTIPLE THAN HGV",
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