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November 28, 2012
09:25 EDTBFCF, BBX, BXGBBX Capital plans to participate in BFC's proposed acquisition of Bluegreen
BBX Capital Corporation (BBX) and BFC Financial Corporation (BFCF) announced that BBX Capital plans to participate in the funding of BFC's recently announced acquisition of Bluegreen Corporation (BXG). BFC, through its wholly-owned subsidiary, Woodbridge Holdings currently owns approximately 54% of Bluegreen's outstanding Common Stock and, as recently announced, has entered into an agreement with Bluegreen pursuant to which Bluegreen will merge with a subsidiary of Woodbridge and the shareholders of Bluegreen will receive $10 per share in cash. Upon consummation of the transaction, Bluegreen will become a direct wholly-owned subsidiary of Woodbridge. BBX Capital's board, after receipt of a recommendation of a special committee of independent directors, approved plans to provide equity of approximately $60M in cash to Woodbridge and to execute a promissory note in Woodbridge's favor in the principal amount of approximately $11.75M. In return, BBX will receive an approximate 46% common equity interest in Woodbridge.
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