DALLAS, Nov. 14, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Bluegreen Corporation ("Bluegreen Corp." or "BXG") (NYSE: BXG) to BFC Financial Corporation (BFC Financial) (OTC: BFCF.PK) for shareholders. Under the proposed acquisition agreement, Bluegreen Corp. shareholders will receive a fixed ratio of only 8.00 shares of BFC Financial Class A Common Stock for each share of Bluegreen Corp./BXG stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
The definitive acquisition agreement involves a stock-for-stock transaction valued at approximately $143 million. Under the agreement, Bluegreen Corp. will become a wholly-owned subsidiary of BFC Financial. The transaction is expected to close in the first half of 2012.
The investigation centers on whether Bluegreen Corp. shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Bluegreen Corp. stock, and whether Bluegreen Corp.'s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "Based on BFC Financial's closing price the day before the merger announcement, the compensation offered to Bluegreen Corp. shareholders is only $4.56 per share." Bluegreen Corp. shares closed at $4.60 as recently as February 2011, and Bluegreen Corp recently reported a book value of $8.34 per share. Based on these and other factors, we believe that the transaction may significantly undervalue Bluegreen Corp./BXG stock. Our lawsuit will seek to obtain the highest share price for all shareholders," said Briscoe
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP