Buyout Of BankAtlantic - Law Firm Seeks Higher Price For Shareholders
NEW YORK, May 8, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent BankAtlantic Bancorp shareholders. BFC Financial Corporation ("BFC Financial" and/or "BFC") (BFCF) and BBX Capital Corporation ("BBX Capital" and/or "BBX") (BBX), formerly BankAtlantic Bancorp, announced today that they have entered into a definitive merger agreement pursuant to which BBX Capital will become a wholly owned subsidiary of BFC Financial.
Under the terms of the merger agreement, BBX's shareholders (other than BFC) will be entitled to receive 5.39 shares of BFC's Class A Common Stock for each share of BBX's Class A Common Stock held at the effective time of the merger. BFC currently owns approximately 53% of BBX's Class A Common Stock and 100% of its Class B Common Stock.
Based upon BFC's closing price, the implied takeover price is approx. $12.96 per share for each BBX shareholder. This is below the company's trading price of as close of business yesterday ($13.08 per share). It is also well below the company's book value of $15.24 per share.
The investigation concerns whether the boards of BFC and BBX breached their fiduciary duties to shareholders as a result of their inherent conflicts of interests. BFC as the owner of BBX is seeking to buy the company for themselves at the lowest price possible but they have a duty to get shareholders the highest price possible. The investigation concerns whether they sought to better their own self interests ahead of BBX shareholders.
If you are a shareholder of BBX and would like to participate with other shareholders who feel the price and process is unfair, at no cost or expense or obligation, please contact us toll free at 1-877-772-3975 or email at email@example.com
Tripp Levy PLLC is a national law firm that has recovered millions of dollars for shareholders in similar actions around the globe.
SOURCE Tripp Levy PLLC