DRI protests Bluegreen buyout agreement

[Spence Super Moderator Find all posts View Profile Close Spence]

I have a lot of points and can stay quite a bit of time

Not if you stay in their Great Wolf offerings!

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

There are a lot of happy owners with DRI who you don't hear much from, and there are a lot of unhappy owners who you hear a great deal from.

I read a lot of unhappy owners in 2008 when DRI was going to buy out BG. Nice to hear from a happy one. Thanks.

DRI is off my radar aside from the BG takeover, because they don't have any resorts that particularly interest me. I'd like to know why BG seems to view this as a hostile takeover as well -- in 2008, owners we panicking, but corporate BG seemed to think it a great idea. What's changed?

[Thirsty Senior Member Find all posts View Profile Close Thirsty]

I have been on vacation and was unaware of the DRI takeover. I read through most of the threads on Yahoo and I am sure what is going on. The threads over there get messy at times and are hard to follow.


This is what I think is going on. A group at BG that owns over 51% blocked the deal and now it is a wait and see what DRI is going to do.

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

This is what I think is going on. A group at BG that owns over 51% blocked the deal and now it is a wait and see what DRI is going to do.

That's my understanding from the Yahoo discussion as well (although I thought it was 54%). And I think there was speculation that DRI isn't going to be willing to kick up their offer high enough to change the BG people's minds, but with the 54% they aren't going to be able to force it through, either. If so, odds are it's dead in the water.

[rapmarks Moderator Find all posts View Profile Close rapmarks]

absolutely no mention of this at HOA meeting on Saturday and meeting was loooong.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

I have been busy, so I haven't been to this thread until now. As someone mentioned, this unsolicited offer by Diamond Resorts was summarily rejected by the Bluegreen Corp board. They proceeded with the merger vote with the shareholders for the merger with BFC and it was overwhelmingly approved. BFC already controlled 54% of the shares, so there was no chance they were going to win the proxy fight. As far as I can tell Diamond is done and their only option is a shareholder lawsuit of some type.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I have been busy, so I haven't been to this thread until now. As someone mentioned, this unsolicited offer by Diamond Resorts was summarily rejected by the Bluegreen Corp board. They proceeded with the merger vote with the shareholders for the merger with BFC and it was overwhelmingly approved. BFC already controlled 54% of the shares, so there was no chance they were going to win the proxy fight. As far as I can tell Diamond is done and their only option is a shareholder lawsuit of some type.

IMHO - it's most likely that DRI will move on to another target. There are lots of holes in the DRI network that could be filled via an acquisition - Mexico, Caribbean, more Europe, SE Asia.

[Tom in GA Member Find all posts View Profile Close Tom in GA]

Already Voted

IMHO - it's most likely that DRI will move on to another target. There are lots of holes in the DRI network that could be filled via an acquisition - Mexico, Caribbean, more Europe, SE Asia.

I voted my shares last month for the merger...as BoccaBum said, BFC already had a controlling interest in BG. I read what they sent out about the merger...well most of it as was VERY LONG in lawyer and account speak. I really didn't get a good reason stated for the merger other than both company boards wanted it. The stock was 1 BG share for 8 BFC shares. One of the conditions was the stock must be listed on a major stock exchange. In others words, the stock price has to stay above a dollar. BFC shares were in the penny stock category before the merger (around 50 cents). This all should be finalized around October....well hopefully. During an update and talking with BG employees, there have already been minor changes to the procedures in site operations (including on which side your BG name tag should be worn....by the way, it worked as the person I was talking to said that many more people called her by name now).