Bluegreen Corp. (BXG: Quote) and BFC Financial Corp. announced Thursday morning that they have terminated their November 2011 merger agreement and entered into a definitive agreement pursuant to which Bluegreen will be acquired in a cash transaction. Woodbridge Holdings, a wholly-owned subsidiary of BFC, will acquire the remaining approximate 46% of Bluegreen's outstanding common stock it does not already own for $10.00 per share in cash.
Bluegreen gapped open dramatically higher Thursday, but traded in a narrow range for the majority of the session. The stock closed up by 3.20 at $8.96, with volume at nearly a 5-month high. Bluegreen leaped to a new high for the year.
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by RTT Staff Writer
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