Bluegreen Vacations to go private – again

Vacation timeshare company went public in November 2017

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
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
arrow_forward_ios

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

Loading...