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BOCA RATON, FL-Locally headquartered Bluegreen Corp., timeshare owner and developer, has signed a non-binding letter of intent to sell the company to Las Vegas-based Diamond Resorts International for $500 million. Diamond Resorts has been granted an exclusive right of negotiation through Sept. 15 to conduct more extensive due diligence.

Bluegreen has also been granted a “go shop” period to pursue offers that might be higher, after which the company would be subject to a definitive agreement, a Bluegreen spokesperson tells GlobeSt.com. No additional information was issued beyond the company’s Monday afternoon release.

The acquisition would also be subject to approvals by Bluegreen’s board of directors and the company’s shareholders. Alan B. Levan, chairman and CEO of Woodbridge Holdings Corp., a company that owns 9.5 million shares of Bluegreen’s outstanding common stock, has indicated that Woodbridge would be supportive of the transaction.

“Bluegreen had previously announced that we were positioning the company with a view towards pursuing strategic alternatives at some point in the next three to five years,” stated Levan, who is also chairman of Bluegreen’s board of directors. “When Diamond presented our board with this unsolicited, attractive offer, we believed that it was in the best interest of our shareholders to pursue this transaction at this time.”

Bluegreen currently provides access to an exchange network of over 3,700 resorts in the US and Aruba, which would be added to Diamond Resort’s vacation ownership–110 branded and affiliated resorts located in 14 countries. Last year, the company acquired Sunterra Corp., an international owner and manager of vacation ownership resorts, for approximately $750 million, according to a release.

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