BFC Financial Corp. Thursday swung to a profit and said it had a new all-cash deal to acquire time-share company Bluegreen Corp.
Fort Lauderdale-based BFC said Thursday its Woodbridge Holdings subsidiary would acquire Bluegreen for about $150 million, or $10 per share. Woodbridge already owned about 54 percent of Bluegreen’s common stock. The deal replaces a previous agreement for BFC to buy the Boca Raton-based company for eight shares of each Bluegreen share.
The cash offer represents a 74 percent premium over the $5.76 value of Bluegreen’s stock at the close of trading Tuesday.
“We believe this merger validates our long standing commitment to Bluegreen, and our belief in its operating platform and management,” said Alan Levan, BFC’s chairman and CEO.
BFC also reported a $158.1 million third-quarter profit, compared with a $1.8 million loss for the same 2011 period. The company posted $130 million in revenue, versus $123 million a year earlier.
Most of its profit came from its 53 percent-owned BBX Capital unit, which sold BankAtlantic to BB&T Corp. BFC reported a one-time gain of about $293 million on the BankAtlantic sale.