Company officials do not believe the current asking price reflects the true value of the issue traded on the New York Stock Exchange, according to the firm's prepared statement.

Based on Thursday's market price of $11.39 a share, the owner-operator of luxury resorts would reacquire up to 2.7 million shares or about 6% of 40.4 million shares outstanding.

Since the announcement, the company's common stock has dropped about 12 cents a share. The issue has traded as high as $15.87 and as low as $8.44 over the past 52 weeks.

At year's end 2000, H. Wayne Huizenga, Boca Resort chairman, reported either direct or indirect ownership of about 6.5 million shares or 16% of the total outstanding. Huizenga, co-founder of Viacom's Blockbuster Entertainment Group, also serves as chairman of Republic Services Inc., Extended Stay America Inc. and owns the Miami Dolphins professional football franchise.

Earlier this year, H. Wayne Huizenga Jr., the chairman's son, reported ownership of 3.3 million shares or 8.04% of the total outstanding.

Other major owners of record include Blavin & Co. Inc., Scottsdale, AZ, which reported ownership earlier this year of 2.4 million shares or about 5.8%; Dimension Fund Advisors Inc, Santa Monica, CA, 2.3 million shares or about 5.57%; and Cascade Investment, Kirkland, WA, a company controlled by William H. Gates III, two million shares or about 5.04%.