St. Joe Co (JOE) Terminates Standstill Agreement With Berkowitz's Fairholme

Shares of The St. Joe Company (NYSE: JOE) are higher following news that the the Standstill Agreement with Bruce Berkowitz's Fairholme Capital will expire and be terminated, effective immediately.

The agreement will allow Fairholme to acquire more than 30% of the non-voting shares.

Fairholme Capital Management, L.L.C. beneficially owns approximately 28.93% of the Company’s outstanding common stock.

The Board determined, among other things, that it was not necessary to maintain the Standstill Agreement for the remainder of its term since Fairholme has been a significant long-term holder of the Company’s common stock. In addition, the Board determined that it was not appropriate for Fairholme to be subject to standstill and other restrictions that did not apply to any other shareholder of the Company.

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