Posted at 3:31 p.m., Friday, March 16, 2007
Diamond Resorts opens tender offer for Sunterra stock
Advertiser Staff
Diamond Resorts LLC, a closely held developer and manager of vacation properties, said it began a tender offer for all outstanding shares of Sunterra Corp., a company that has 10 Hawai'i properties.Earlier this month Diamond agreed to pay $16 a share and assume $375 million of SunTerra's debt. Both Las Vegas-based companies said they expect to complete the acquisition during the second quarter of this year. Sunterra has three resorts each on Maui and Kaua'i, and two each on O'ahu and the Big Island.
