NEW YORK, Nov. 14, 2011 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of Bluegreen Corporation (NYSE: BXG). Bluegreen announced that it has entered into a definitive merger agreement with BFC Financial Corporation (Pink Sheets: BFCF.PK) which provides for a merger that will, subject to the terms and conditions of the agreement, result in Bluegreen becoming a wholly-owned subsidiary of BFC.
Under the terms of the agreement, holders of Bluegreen's Common Stock (other than BFC) will be entitled to receive eight shares of BFC's Class A Common Stock for each share of Bluegreen's Common Stock they hold at the effective time of the merger. BFC currently owns approximately 52% of Bluegreen's Common Stock. Further, Alan B. Levan and John E. Abdo, who have held the positions of Chairman and Vice Chairman of BFC, have held the positions of Chairman and Vice Chairman of Bluegreen since 2002.
The investigation concerns, among other things, whether the consideration to be paid to Bluegreen shareholders is unfair, inadequate, and substantially below the fair or inherent value of Bluegreen. The investigation further concerns whether the board of directors of Bluegreen, as well as its parent company BFC, may have breached their fiduciary duties by not acting in Bluegreen shareholders' best interests in connection with the sale process of Bluegreen.
If you own Bluegreen common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC
125 East 82nd Street
New York, New York
Toll Free: 877-772-3975
Email: [email protected]
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
Tripp Levy PLLC
Tripp Levy, 877-772-3975
SOURCE Tripp Levy PLLC