Bluegreen Vacations to go private – again

Vacation timeshare company went public in November 2017

TRD MIAMI /
Mar.March 05, 2019 09:45 AM

BBX Corp. Chairman Alan Levan (Credit: BBX Capital and Bluegreen Vacations)

Bluegreen Vacations is set to go private less than a year and a half after going through an initial public offering.

Bluegreen’s parent company, BBX Capital Corp., announced the news in a filing with the Securities and Exchange Commission on Monday. BBX cited the high costs of being a public company and said that its stock was less liquid than the company presumed.

Bluegreen, a vacation timeshare company headquartered in Boca Raton, has over 216,000 timeshare owners and 69 clubs in its program. The company went public in November 2017 at $14 per share.

Boca Raton-based BBX Capital will take the company private through a merger. After the merger, each share of Bluegreen’s common stock will be converted into $16 in cash. Its stock was trading at $15.76 per share at the end of the day on Monday.

BBX Capital said most of shares of Bluegreen stock not owned by the company are owned by a few large shareholders, which impacted the liquidity, or the ability to easily buy and sell the stock. BBX, a diversified real estate company, owns about 90 percent of Bluegreen’s common stock, allowing it to go through with the merger without the approval of Bluegreen’s board of directors or any other shareholders.

Bluegreen was one of the few large South Florida-based publicly traded companies on the New York Stock Exchange. Its chairman Alan Levan is also the chairman of BBX Capital.


Related Articles

arrow_forward_ios
Jim Carr and Armando Codina with a rendering of the Miramar community

Codina-Carr, BBX score loan for single-family home development in Miramar

Codina-Carr, BBX score loan for single-family home development in Miramar
Jim Carr and Bruce Park (Credit: Google Maps)

Univision sells Miramar site to BBX and CC Homes

Univision sells Miramar site to BBX and CC Homes
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
BBX Capital’s Alan Levan and Altis at Bonterra

BBX Capital, Altman sell Altis at Bonterra in Hialeah for $90M

BBX Capital, Altman sell Altis at Bonterra in Hialeah for $90M
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...