Bluegreen Corporation (NYSE: BXG) ("Bluegreen”),
a leading provider of Colorful Places to Live and Play®,
announced today that representatives of Diamond Resorts International ("Diamond
Resorts”) have advised Bluegreen that to date
Diamond Resorts has not secured financing sources for its previously
announced proposed purchase of Bluegreen. On September 15, 2008
Bluegreen announced an extension until November 15, 2008 of the period
during which Diamond Resorts would have an exclusive right of
negotiation to acquire all of the Bluegreen common stock. While the
credit markets remain extremely problematic, Diamond Resorts has
requested that the exclusivity agreement remain in place pursuant to its
previously disclosed terms. Diamond Resorts has indicated that it may
propose an alternative transaction but there is no assurance that
Diamond Resorts will make any alternative proposal or that, if made, any
such proposal will be acceptable to Bluegreen.
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.
