BFC Financial Corp. and Bluegreen Corp. (BXG) announced that the parties have terminated their November 2011 merger agreement and entered into a definitive agreement pursuant to which Bluegreen will be acquired in a cash transaction.
BFC, through its wholly-owned subsidiary, Woodbridge Holdings, currently owns approximately 54% of Bluegreen's outstanding common stock.
As per the terms of the agreement, Woodbridge will acquire the remaining approximate 46% of Bluegreen's outstanding common stock for $10.00 per share in cash in a merger between a wholly-owned subsidiary and Bluegreen. Once the transaction is completed, Bluegreen will become a direct wholly-owned subsidiary of Woodbridge.
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