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Bluegreen Corp Shareholders Approve Merger With Subsidiary Of BFC Financial Corp

Thursday, 28 Mar 2013 04:15pm EDT 

BFC Financial Corp (BFC or the Company) and Bluegreen Corporation (Bluegreen) announced that, at a special meeting of shareholders held, Bluegreen shareholders approved the previously announced merger of Bluegreen with Woodbridge Holdings LLC (Woodbridge), a wholly-owned subsidiary of BFC, in an all-cash transaction at a price of $10.00 per share. Over 86% of the total Bluegreen common stock outstanding was voted in favor of the merger, representing over 96% of the shares voted at the meeting. Bluegreen also announced that it issued $75 million of Senior Secured Notes (the Notes) in a private transaction entered into by Bluegreen on March 26, 2013 and arranged by BB&T Capital Markets. The Notes mature in March 2020, subject to their terms, covenants and conditions. The proceeds from the Notes offering will be used to fund a portion of the merger consideration. The parties currently expect to close the merger during the first week of April. Under the terms of the merger agreement, at the time the merger is effective, each outstanding share of Bluegreen`s Common Stock (other than those shares held directly or indirectly by BFC and shares owned by holders who exercised and perfected their appraisal rights in accordance with Massachusetts law) will be converted into the right to receive $10.00 in cash, without interest thereon and less any applicable withholding taxes. 

Company Quote

27 Jan 2015