Diamond Resorts' proposed purchase of Bluegreen stalled by credit markets

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Bluegreen Corp. said Diamond Resorts International has not secured financing for its proposed purchase of Bluegreen.

Citing the problematic credit markets, Diamond Resorts asked that its exclusivity agreement with Bluegreen remain in place, a Bluegreen news release said.

In September, Bluegreen extended Diamond Resorts' exclusive right of negotiation to Nov. 15 and had agreed to work toward an agreement with the company through Dec. 15.

According to Bluegreen, Diamond Resorts also may propose an alternative transaction.

However, there is no assurance that Diamond Resorts will make any alternative proposal or that any such proposal will be acceptable to Bluegreen, it said in the release.

Boca Raton, Fla.-based Bluegreen provides leisure products, including cruises.

Diamond Resorts is a vacation ownership property company located in Las Vegas.

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