The Real Deal Miami

Diamond offer dazzles Bluegreen

July 22, 2008 11:19AM

Las Vegas-based Diamond Resorts International has entered an agreement
with timeshare owner and developer Bluegreen to buy the Boca
Raton-based company for $500 million. The acquisition follows standard
timetables and provisions, giving Bluegreen the right to pursue higher
offers while Diamond performs its due diligence by September 15. Alan
Levan, chairman and CEO of Woodbridge Holdings Corp., who is a board
member and major shareholder in Bluegreen, says Woodbridge would
support the sale. He said the company had previously announced it was
seeking strategic alternatives, including a sale of the company, within
three to five years.