St. Joe (JOE) Shares Pop, Allows Berkowitz's Fairholme to Own Up to 50% of Outstanding Common

The St. Joe Company (NYSE: JOE) reports that it has entered into a Stockholder Agreement with Bruce Berkowitz's Fairholme Funds, Inc. and Fairholme Capital Management, L.L.C., on behalf of the Fairholme Accounts, permitting Fairholme to acquire beneficial ownership of up to 50 percent of the Company’s outstanding common stock.

The Company had previously approved, in 2009, Fairholme’s acquisition of beneficial ownership of up to 30% of the Company’s outstanding common stock.

As a result of the Board’s approval of the Stockholder Agreement, Florida’s control share acquisition statute will not apply to the beneficial ownership of shares of up to 50 percent of the Company’s outstanding common stock by Fairholme.

Shares have popped on the filing, and are now up over 11 percent pre-market Friday.

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