Tag Archives: BFC

Business, Finance, Occupation & Industry

Bluegreen Corporation Completes Merger with Subsidiary of BFC Financial Corporation

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By Business Wirevia The Motley Fool

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Bluegreen Corporation Completes Merger with Subsidiary of BFC Financial Corporation

FORT LAUDERDALE, Fla. & BOCA RATON, Fla.–(BUSINESS WIRE)– BFC Financial Corporation (“BFC” or the “Company”) (OTCQB: BFCF) and Bluegreen Corporation (“Bluegreen”) (NYS: BXG) today announced that the previously announced merger of Bluegreen into Woodbridge Holdings, LLC (“Woodbridge”), a wholly-owned subsidiary of BFC, became effective as of the close of trading today.

Under the terms of the merger agreement, 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) have been converted into the right to receive $10.00 in cash, without interest thereon and less any applicable withholding taxes. See “AdditionaI Information for Bluegreen Shareholders,” below.


Additional Information for Bluegreen Shareholders

If you are a shareholder of Bluegreen’s Common Stock as of the close of trading on April 2, 2013, Computershare Trust Company, N.A. and Computershare, Inc. (collectively “Computershare”), the paying agent retained for purposes of the merger, will mail to you a letter of transmittal and instructions explaining how to surrender your shares of Bluegreen’s Common Stock for payment of the merger consideration to which you are entitled. After you return the proper documentation to the paying agent, Computershare will issue and deliver to you a check for the amount of cash you are entitled to receive. Bluegreen’s shareholders should not send in their stock certificates until they are requested to do so by Computershare. If your shares of Bluegreen’s Common Stock are held in “street name” by your bank, broker or other nominee, you will receive instructions from your bank, broker or other nominee on any actions you may need to take to receive the merger consideration for those shares.

ABOUT BLUEGREEN CORPORATION

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYS: BXG) is a leading timeshare sales, marketing and resort management company. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 160,000 owners, …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Bluegreen Corporation Shareholders Approve Merger with Subsidiary of BFC Financial Corporation

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By Business Wirevia The Motley Fool

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Bluegreen Corporation Shareholders Approve Merger with Subsidiary of BFC Financial Corporation

FORT LAUDERDALE, Fla. & BOCA RATON, Fla.–(BUSINESS WIRE)– BFC Financial Corporation (“BFC” or the “Company”) (OTCQB: BFCF) and Bluegreen Corporation (“Bluegreen”) (NYS: BXG) today announced that, at a special meeting of shareholders held today, 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.

BFC‘s Chairman and Chief Executive Officer, Alan B. Levan, commented, “Shareholders have overwhelmingly supported this merger and we look forward to completing this transaction.”

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.

John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, “We view this merger as a natural progression of the beneficial relationship Bluegreen has enjoyed with BFC since April 2002. This merger is not expected to have any material impact on Bluegreen’s day-to-day operations. Bluegreen owners should continue to expect the same high levels of service, attention, and quality that have helped drive our growth and evolution to date.”

Additional information regarding the merger can be found in filings made by BFC and Bluegreen, including the Notice of Special Meeting of Shareholders and Proxy Statement filed by Bluegreen on February 21, 2013. These and other filings are available at www.sec.gov.

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Source: FULL ARTICLE at DailyFinance

Styles & Fashion

Stoking the Star-Maker Machinery

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The AnOther magazine party at London‘s Café Royal was a celebration of the Michelle Williams-fronted Spring-Summer issue. That’s what the invite said, at least. But with no Michelle Williams to raise a glass to, the lavish dinner, thrown with aplomb by Jefferson Hack, was really just a chance for the style set to let off some mid-fashion-month steam, even if the overall atmosphere at the London shows this season has been lighter and less stressed than usual. Kristen McMenamy, Amanda Harlech, Cara Delevigne, and co. (not to mention the party’s sponsor, Belvedere Vodka) were doing their damnedest to kill the week’s mellow vibe, but it was nonetheless the talk of the evening. So what gives? “The shows are on time!” Natalie Massenet, the new head of the BFC, told us. “That instantly relaxes people and eases the tension. People do like order and organization—and a good time, like now, which is what you can do if everything runs smoothly, and if a job is not only wrapped up on time but well done.” Drinks all around.

—Afsun Qureshi …read more
Source: FULL ARTICLE at Style Features