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Originally Posted by BocaBum99

Now that Bluegreen has signaled it's intent to be acquired by Diamond Resorts, I'd like to get an idea of what they are likely to do when they become the resort developer and club manager. Can current Sunterra/Diamond owners provide us some insight?

The Bluegreen Vacation Club operates a lot like the big Club trust of 14 or so resorts. In fact, I believe they are both created under the Florida Multi-site timeshare plan.

STFB!!!

Bluegreen signs LOI to be acquired by Diamond Resorts for $500 mln - Update
Monday, July 21, 2008

(RTTNews) - Bluegreen Corp. an operator of vacation ownership plans, on Monday, said that it has signed a non-binding letter of intent with Diamond Resorts International under which Diamond Resorts would acquire Bluegreen for $15 per share. Excluding debt, the deal values Bluegreen at about $500 million.

The price of $15 per share offered under the letter of intent was more than double over Bluegreen's Monday closing price of $6.44.

The letter of intent allows Diamond Resorts an exclusive right of negotiation through September 15, 2008, during which time Diamond Resorts will conduct more extensive due diligence.

The acquisition is subject to the completion of due diligence and the execution of definitive agreements. It is envisioned that the definitive agreement, whereby Diamond Resorts would acquire Bluegreen, would include a customary "go shop" provision permitting Bluegreen to actively seek transactions that would provide greater value to its shareholders.

Woodbridge Holdings, which is being led by Bluegreen's chairman and owns 9.5 million shares of Bluegreen's common stock, has indicated that Woodbridge would be supportive of a transaction with Diamond Resorts at the terms stated in their letter of intent.

The Boca Raton, Florida-based Bluegreen markets a 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. With more than 186,500 owners, Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, the company currently employs over 6,000 associates.

Bluegreen has been hit by the ongoing slowdown in U.S. housing market that have resulted in lower sales at its communities. In May, the company reported lower first-quarter profit of $1.4 million or $0.04 per share, compared to $5.33 million or $0.17 per share a year-ago. Total operating revenues fell to $139.35 million from $146.66 million in the same quarter prior year.

Diamond Resorts, based in Las Vegas, Nev., is one of the largest vacation ownership companies in the world with 110 branded and affiliated resorts in 14 countries. In April 2007, Diamond Resorts acquired Sunterra Corp. for approximately $750 million.

Shares of Bluegreen closed Monday's regular trading higher by 17 cents or 2.71% at $6.44. In the after hours, the stock gained $6.86 or 106.52% to trade at $13.30.