Bluegreen Stock Soars

Stock in Boca Raton-based Bluegreen Corporation has risen since it announced Diamond Resorts International may acquire it for about $500 million dollars. The companies last week signed a non-binding letter of intent that gives Diamond Resorts an exclusive right of negotiation through Sept. 15, during which time it will conduct more extensive due diligence.

Diamond Resorts offered $15 per share for Bluegreen, which amounts to about a half billion dollars. During the past 52 weeks, shares in Bluegreen have fluctuated between $5.91 and $12.53 per share. Late last week, the store rose to $11.92 from the previous Monday’s close of $5.48.

Based in Las Vegas, Diamond Resorts is one of the largest vacation ownership companies in the world with 110 branded and affiliated resorts in 14 countries. Bluegreen, headquartered in Boca Raton, operates resorts and residential community businesses. It currently employs more than 6,000 people, said company officials.

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Larry Hayden

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