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  "documentTitle": "Land Buildings Hilton Grand Vacations Presentation May 2021",
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      "kind": "list",
      "text": "HGV shareholders are overpaying for Diamond and ceding control to affiliates of Apollo Global Management Inc. (\"Apollo\")",
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      "text": "Diamond Acquisition results in transfer of control without a premium paid to HGV shareholders; HGV is paying a multiple of 10x for Diamond while BofA fairness opinion states 7x is appropriate; Apollo's voting agreement entrenches HGV's management",
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      "text": "HGV forecasted to grow EBITDA 16% annually from 2022 to 2025 vs. a mere 4% for Diamond; HGV standalone value is $55 when applying Marriott Vacations EBITDA multiple of 11.2x",
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      "text": "L&B believes Diamond Acquisition is not in best interest of all HGV shareholders: Overpaying for Diamond; Ceding control to Apollo with out being paid for control premium; HGV is more valuable as a standalone company",
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      "text": "HGV has material upside as a standalone business, Diamond dilutes growth profile",
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      "text": "L&B intends to vote AGAINST the Diamond Acquisition",
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      "text": "Source: Company Filings, including the preliminary proxy statement filed with the SEC on April 15, 2021 (\"Proxy Statement\")",
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      "text": "L&B TO VOTE AGAINST HGV'S PROPOSED ACQUISITION OF DIAMOND (\"DIAMOND ACQUISITION\")",
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