Bluegreen Corporation (NYSE: BXG) ("Bluegreen”),
a leading provider of Colorful Places to Live and Play®,
announced today 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.
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.”
As previously announced, it is anticipated that the definitive agreement
will include a "go-shop”
provision permitting Bluegreen to actively seek alternative transactions
which would provide greater value to its shareholders. Bluegreen is
engaging a financial advisor to assist in this process.
The parties have agreed that if, notwithstanding their efforts, a
definitive agreement is not reached by November 15, 2008, they will
continue to work towards such agreement until December 15, 2008, but
that during such period Diamond Resorts will no longer have an exclusive
right of negotiation and Bluegreen may actively seek and negotiate
alternative transactions.
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE: BXG) is a leading provider of Colorful
Places to Live and Play® through two
principal operating divisions. With more than 190,000 owners, Bluegreen
Resorts markets a flexible, real estate-based vacation ownership plan
that provides access to over 40 resorts and an exchange network of over
3,700 resorts and other vacation experiences such as cruises and hotel
stays. Bluegreen Communities has sold over 56,300 planned residential
and golf community homesites in 32 states since 1985. Founded in 1966,
Bluegreen is headquartered in Boca Raton, Fla., and currently employs
over 6,000 associates. More information about Bluegreen is available at www.bluegreencorp.com.
Statements in this release may constitute forward-looking statements and
are made pursuant to the Safe Harbor Provision of The Private Securities
and Litigation Reform Act of 1995. Use of words such as "plans”,
"expects”, "anticipates”,
"intends” and
other forward-looking statements are based largely on expectations and
are subject to a number of risks and uncertainties. Any proposed
transaction with Diamond Resorts is subject to a number of risks and
uncertainties, including but not limited to, satisfactory completion of
due diligence by Diamond Resorts, the signing of a definitive agreement,
and approvals by Bluegreen’s Board of
Directors and shareholders. There can be no assurance that negotiations
will lead to the signing of a definitive agreement, that financing for
the transaction will be available, that any proposed transaction will be
accepted or approved by the Company’s Board
of Directors and shareholders, that the sale will be completed, or that
Bluegreen will identify any alternative transaction or one that would
provide greater value to its shareholders. In addition, these risks and
uncertainties, reference is made to the risks and uncertainties detailed
in reports filed by Bluegreen with the Securities and Exchange
Commission. Bluegreen cautions that the foregoing factors are not
exclusive.
