San Diego, CA -- (ReleaseWire) -- 11/19/2012 -- An investigation on behalf of investors in Bluegreen Corporation (NYSE:BXG) shares was announced concerning whether the offer by BFC Financial Corporation to acquire Bluegreen Corporation for a value of approximately $10.00 per NYSE:BXG share and the takeover process are unfair to investors in NYSE:BXG shares.
Investors who purchased shares of Bluegreen Corporation (NYSE:BXG) prior to November 15, 2012, and currently hold any of those NYSE:BXG shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Bluegreen Corporation breached their fiduciary duties owed NYSE:BXG investors in connection with the proposed acquisition.
On Nov. 15, 2012, BFC Financial Corporation (OTCQB: BFCF) and Bluegreen Corporation (NYSE: 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.
Under the terms of the agreement, Woodbridge Holdings a wholly-owned subsidiaryof BFC Financial Corporation, will acquire Bluegreen's outstanding Common Stock for $10.00 per share in cash (approximately $150 million) in a merger between a wholly-owned subsidiary and Bluegreen.
However, given that BFC Financial Corporation, through its wholly-owned subsidiary, Woodbridge Holdings currently owns approximately 54% of Bluegreen's outstanding Common Stock, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:BXG stockholders.
Specifically, the investigation focuses on whether the Bluegreen Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Bluegreen Corp’s financial performance improved over the past years. Infact, Bluegreen Corporation reported that its annual Revenue rose from $243.71 million in 2010 to $308.79 million in 2011 and its Net Income rose from $2.40 million for 2010 to $28.31 million in 2011. Shares of Bluegreen Corporation (NYSE:BXG) grew from as low as $1.98 per share in September 2011 to as high as $6.38 in September 2012.
Those who are current investors in Bluegreen Corporation (NYSE:BXG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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