Bluegreen (BXG) Enters Merger Agreement with BFC Financial
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Bluegreen Corporation (NYSE: BXG) has entered into a definitive merger agreement with BFC Financial Corporation which provides for a merger that will, subject to the terms and conditions of the agreement, result in Bluegreen becoming a wholly-owned subsidiary of BFC.
Under the terms of the agreement, which has been approved by a special committee comprised of Bluegreen’s independent directors as well as the boards of directors of both companies, holders of Bluegreen’s Common Stock (other than BFC) will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger. BFC currently owns approximately 52% of Bluegreen’s Common Stock.
The companies currently expect to consummate the merger in the first half of 2012.
Cassel Salpeter & Co., LLC acted as financial advisor to the special committee of Bluegreen’s board of directors.
Under the terms of the agreement, which has been approved by a special committee comprised of Bluegreen’s independent directors as well as the boards of directors of both companies, holders of Bluegreen’s Common Stock (other than BFC) will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger. BFC currently owns approximately 52% of Bluegreen’s Common Stock.
The companies currently expect to consummate the merger in the first half of 2012.
Cassel Salpeter & Co., LLC acted as financial advisor to the special committee of Bluegreen’s board of directors.
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