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  "docSlug": "jarvis-land-buildings-hilton-grand-vacations-presentation-may-2021",
  "documentTitle": "Land Buildings Hilton Grand Vacations Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Uses red dashed boxes and callouts to highlight specific contradictions in HGV's valuation logic.",
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      "kind": "callout",
      "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": "HGV is paying 10x 2019 EBITDA for Diamond vs. BofA's valuation of 6.5-8.0x",
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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": "Comparison of L&B's statements vs BofA fairness opinion excerpts",
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      "kind": "title",
      "text": "HGV'S MISLEADING CLAIMS",
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      "text": "HGV'S OWN ADVISOR BELIEVES DIAMOND SHOULD TRADE AT LOWER MULTIPLE THAN HGV",
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