BFC Financial Corporation (OTCQB: BFCF) engages in venture capital and private equity practices. Shares of the financial firm are up nearly 15% on Thursday, July 28, 2016, on heavy volume. Over the past three months, BFC Financial Corporation (OTCQB: BFCF) has seen average daily volume of around 56,869 shares. However, nearly 181,800 shares or dollar volume of around $590,850 had already exchanged hands early in the trading session Thursday.
The big news out today that is influencing the price action of BFC Financial Corporation (OTCQB: BFCF) comes in the midst of the company’s definitive acquisition agreement with BBX Capital Corporation. Tripp Levy PLLC, a securities and shareholder law firm, has announced they have launched an investigation into the proposed merger and the proposed 5.4 shares of BFC’s common stock or $20 in cash for each BBX common share. The law firm, who is representing BBX Capital shareholders, believes the deal does not properly value BBX and thus was not a good deal for shareholders. Here is the press release:
NEW YORK, July 28, 2016 /PRNewswire/ — Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the potential sale of BBX Capital Corporation (BBX) (“BBX” or the “Company”) on behalf of its shareholders. BBX announced that it has entered into a definitive agreement to be acquired by its parent company, BFC Financial Corporation (BFCF) (BFCFB) for 5.4 shares of BFC’s Class A Common Stock or $20.00 in cash for each share of BBX’s Class A Common Stock held by them. BFC currently owns approximately 81% of BBX’s Class A Common Stock and 100% of its Class B Common Stock.
Our investigation has determined that the offer price of only $20 per share, unfairly under-values the true going forward inherent value of BBX and that shareholders may not be receiving the maximum value for their shares. The investigation further seeks to determine whether there is a conflict of interest among the members of the Board of Directors as well as whether the BBX senior management is entering into this deal for its’ own self-interests to the detriment of the Company’s shareholders.
If you are a shareholder of BBX and would like additional information as to how the proposed acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares, please contact us at no cost at:
Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
Tripp Levy PLLC represents individual and institutional shareholders in mergers and acquisitions transactions and has assisted in the recovery of billions of dollars for shareholders in securities actions around the globe.