Bluegreen Corporation Announces Negotiation Extension
Bluegreen Corporation has announced that it has agreed to extend until November 15, 2008 the period during which Diamond Resorts International has an exclusive right of negotiation to acquire all of the Bluegreen common stock at a price of $15 per share.
The parties have agreed to continue to work to reach a definitive agreement for the acquisition of Bluegreen at the earliest possible time.
According to Alan B. Levan, Chairman of the Board of Bluegreen commented, “Diamond Resorts has advised us that it is continuing to move forward with the acquisition of the company at a price of $15 per share, but needs the additional period to finalize due diligence and its financing arrangements. Diamond Resorts has also agreed to pay us an amount approximating Bluegreen’s expenses in connection with the transaction.”
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