Under the terms of the agreement, BBX Capital's shareholders other than BFC Financial will be entitled to receive, at their election, 5.4 shares of BFC Financial Class A Common Stock or $20.00 in cash for each share of BBX Capital's Class A Common Stock held by them. BBX Capital's shareholders will have the right to elect to receive all cash, all stock, or a combination of cash and stock in exchange for their shares. BFC Financial currently owns approximately 81% of BBX Capital's Class A Common Stock and 100% of its Class B Common Stock.
Our investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of BBX Capital or not acting in the Company's shareholders' best interests in connection with the sale process.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
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SOURCE Ryan & Maniskas, LLP