HONOLULU--(BUSINESS WIRE)--UNITE HERE Local 5 released research on its new website, www.DiamondResortsWatch.org, in response to a media report about Apollo Global Management’s plans to take Diamond Resorts public. The confidential IPO filing by Apollo was reported by the Wall Street Journal earlier this year.
UNITE HERE Local 5’s report urges investors to question why Apollo would want to go public now after it acquired the timeshare company only two years ago in a $2.2 billion deal. The Wall Street Journal reported Apollo could seek an IPO valuation in the $4 billion range.
UNITE HERE Local 5’s report includes court document revelations from a shareholder lawsuit about why the founder, former CEO, then-chairman and largest shareholder of Diamond Resorts did not support the 2016 sale to Apollo. Furthermore, UNITE HERE Local 5 reviews the conflicting valuations that plagued the company in recent years, including its 2013 IPO, the 2016 privatization deal (including the related 2016 shareholder lawsuit) and now this potential IPO capital raise by Apollo Global Management.
UNITE HERE Local 5’s report and supporting court documents can be viewed at www.DiamondResortsWatch.org. Further analysis will be updated to and available on the website.
About UNITE HERE Local 5 – Local 5 is the Hawaii-based branch of the UNITE HERE union. UNITE HERE represents over 270,000 North American members and has a tradition of consumer advocacy.