Las Vegas Timeshare Firm Buys Timeshare Company Bluegreen Corp

Written by Timeshares Daily Staff

Boca Raton-based time-share company Bluegreen Corp. said Monday it intends to sell itself to a new owner for a hefty premium.  The company said it signed a nonbinding letter of intent to be acquired by Las Vegas-based time-share developer and manager Diamond Resorts LLC for $15 a share, or about $500 million, excluding Bluegreen’s outstanding debt.

Bluegreen shares closed Monday at $6.44, off from a 52-week high of $11.85, before the deal was announced. The company had calculated its book value at $12.37 a share as of March 31.  Alan B. Levan, Bluegreen’s chairman, said the company had been considering options for the next three to five years.

“When Diamond presented our board with this unsolicited, attractive offer, we believed that it was in the best interest of our shareholders to pursue this transaction at this time,” Levan said in a statement. [read more]

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