Diamond Resorts Comments on Bluegreen-BFC Financial Merger 91) ☆
us to do due diligence as part of our superior all-cash offer. The Special
Committee of the Bluegreen Board of Directors rejected our proposal without
any discussion and without alerting Bluegreen shareholders of our offer.
Only after we made public our offer to purchase, the Special Committee then
communicated to us that lacking a firm financing commitment, they would not be
in a position to evaluate our offer. Upon receipt of this communication, we
sent to the Special Committee this morning a financing commitment letter from
Guggenheim Partners, which along with its affiliates has $125 billion of
assets under management.
In this letter, Guggenheim agreed to fully underwrite
our purchase of 100% of the equity of Bluegreen. Despite this firm financing
letter, the Board of Directors did not postpone today's vote, did not disclose
to the public the receipt of the financing commitment, and allowed
shareholders to vote on a clearly inferior transaction at a price materially
below where the stock is trading. We think this failure of governance is
stunning.”
Diamond Resorts, with global headquarters in Las Vegas, Nevada, is one of the
largest hospitality companies in the world with more than 200 branded and
affiliated resorts and over 27,000 guest beds in 28 countries with
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