UPDATE: BFC Financial, Bluegreen (BXG) Report Holder Approval of Proposed Merger

June 19, 2012 12:21 PM EDT Send to a Friend
(Updated - June 19, 2012 12:22 PM EDT)

BFC Financial Corporation and Bluegreen Corporation (NYSE: BXG) announced today that shareholders of both BFC and Bluegreen approved the proposed merger between the two companies in separate special shareholder meetings.

At the special meeting of Bluegreen's shareholders, holders of 73.05% of Bluegreen's Common Stock outstanding as of the record date established for the meeting voted to approve the merger agreement. At the special meeting of BFC's shareholders, holders of shares representing approximately 78.4% of the total voting power of BFC's Class A Common Stock and Class B Common Stock outstanding as of the record date established for the meeting voted in favor of the merger.

BFC's shareholders also approved an amendment of BFC's Articles of Incorporation relating to a reverse split of BFC's Class A Common Stock and Class B Common Stock and a reduction in the authorized number of shares of such stock. BFC currently expects to effect a one-for-eight reverse stock split in connection with the listing of its Class A Common Stock on a national securities exchange, as required by the terms of the merger agreement.


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