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."