Bluegreen, Diamond Resorts will work toward agreement through Dec. 15

By Lisa Kerner

Charlotte, N.C., Sept. 15 - Diamond Resorts International's exclusive right of negotiation to acquire Bluegreen Corp. for $15 per share will end Nov. 15.

However, the companies agreed to work toward a definitive agreement until Dec. 15, if necessary, during which time Diamond Resorts' rights will no longer be exclusive.

According to Bluegreen, Diamond Resorts needs more time to finalize due diligence and financing arrangements.

Bluegreen said it plans to seek alternative transactions with a financial adviser during the go-shop period expected as part of a definitive agreement.

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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