Bluegreen Extends time for Diamond.

[vintner]

Note-this is a short version of the full story that can be found at most stock news services.

BOCA RATON, Fla. - (Business Wire) Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading provider of Colorful Places to Live and Play®, announced today that it has agreed to extend until November 15, 2008 the period during which Diamond Resorts International has an exclusive right of negotiation to acquire all of the Bluegreen common stock at a price of $15 per share. The parties have agreed to continue to work to reach a definitive agreement for the acquisition of Bluegreen at the earliest possible time.

[crwisconsin]

Check

http://phx.corporate-ir.net/phoenix....063&highlight=

[vintner]

The second part of the story just says they are going to contiue searching if no deal is reached by Dec 15. Financing may still be the big issue, as has been disucussed on this site.

"The parties have agreed that if, notwithstanding their efforts, a
definitive agreement is not reached by November 15, 2008, they will
continue to work towards such agreement until December 15, 2008, but
that during such period Diamond Resorts will no longer have an exclusive
right of negotiation and Bluegreen may actively seek and negotiate
alternative transactions."

[T. R. Oglodyte]

This story is more than a month old, but supports the notion that financing is an issue: Diamond Resorts may have problems financing Bluegreen acquisition, industry bankers say.

It appears as if Cloobeck may be close to maxing out his financing.

[Jya-Ning]

Originally Posted by T. R. Oglodyte

It appears as if Cloobeck may be close to maxing out his financing.

Or in current situation, everyone except Bank of American is max out their credit.

Jya-Ning

[vintner]

Wonder if it would help at all if the FOMC drops rates next meeting, as it sounds as they may?

[Spence]

Originally Posted by T. R. Oglodyte

This story is more than a month old, but supports the notion that financing is an issue: Diamond Resorts may have problems financing Bluegreen acquisition, industry bankers say.

It appears as if Cloobeck may be close to maxing out his financing.

Shades of 2002 Sunterra? but Cloobeck is a much better leader, manager, negotiator, financier.

[BocaBum99]

This financial market is very challenging to finance any large deals. Since Bluegreen set a timetable, we will know by Dec 15 whether or not there is a deal. It still seems bizzarre to me that there is an exclusive negotiating period, but there is also a "go shop" clause to see if there is a better suitor. At $15/share, I doubt that will happen. One thing is sure. Bluegreen is looking to get acquired for a strategic valuation. Not sure why given they so bitterly fought off the hostile takeover from David Siegel's company.

If you look at the stock, it dropped 5% and is now trading at $10.41. It closed at $6.44 before the announced letter of intent. Since the deal is at $15/share, the market is now giving it a 46% chance of happening. 54% chance of not happening.

[vintner]

Recent stock price high of 12.54 when announcement was made on 7-22, low price today (in this very down market) was 9.33.

Interesting that the all time high was 24.75 in March 4, 05. Same day had a low of 14.95. Earnings miss.

[schmidly]

We just bought additional points because we love Bluegreen so much - for the high quality and value...... what will it mean if Bluegreen is bought out by Diamond? I can't help but fear that thigns will change for the worse.....