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News Breaks | | | | June 18, 2012 | | 18:39 EDT |  | BXG | Diamond Resorts calls on Bluegreen Board to delay shareholder vote
In light of the superior all-cash offer made by Diamond Resorts Corporation for Bluegreen Corporation (BXG), Diamond Resorts reiterated its call for the Board of Directors of the Bluegreen Corporation to delay tomorrow's shareholder vote on an inferior, undervalued, insider all-stock merger proposal by BFC Financial. Diamond Resorts pointed to a letter sent to the Special Committee of the Board of Directors of Bluegreen Corporation by institutional shareholder BHR, which also called for the company to delay voting on the BFC offer until the Special Committee had time to fairly evaluate the competing bids. On Friday, Diamond Resorts offered to acquire all the outstanding shares of Bluegreen common stock for $6.25 per share, representing a total equity value of approximately $197M. Diamond Resorts' proposal is an all-cash offer and represents an 18% premium above the closing price of Bluegreen's common stock on June 15. Without discussion and without informing its shareholders of this superior offer, the Special Committee of the Board of Directors of Bluegreen Corporation notified Diamond Resorts that it was rejecting this proposal out of hand. | |
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