Diamond Resorts International (DRII) shares surged Wednesday after Apollo Global Management (APO) unveiled a $2.2 billion takeover bid for the Las Vegas-based vacation resort operator. The offer values Diamond Resorts at $30.25 a share, that's more than a 25 percent premium above Tuesday's closing price. David Palmer, CEO of Diamond Resorts, said in a statement that the deal is 'an excellent outcome for our shareholders.' Shares of Diamond are down 25 percent over the past 12 months.
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