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Bluegreen Vacations shares jump on privatizing move

Shares of Bluegreen Vacations Corp. were up 18.8 percent in mid-morning trading after majority shareholder BBX Capital Corp. announced it would take the company private.

Shares of Bluegreen, which is based in Boca Raton, were trading at $15.99, which was a penny less than the $16 price that BBX said it would pay minority shareholders for their shares. Bluegreen went public on Nov. 17, 2017, at $14 a share and peaked near $26 a share in August.

BBX Capital, which is based in Fort Lauderdale, beneficially owns approximately 90 percent of Bluegreen’s common stock, BBX Capital said in a press release. Under Florida law, the holder of more than 80 percent of the outstanding shares of Bluegreen’s common stock, may effect the merger without the approval of, or action by, the board of directors or any other shareholders of Bluegreen. Accordingly, the Bluegreen board has not acted to approve or disapprove the merger, and the shareholders of Bluegreen will not be asked to approve or disapprove the merger or be furnished a proxy in connection with the merger.

“While Bluegreen went public in November 2017, the anticipated benefits of becoming a public company were not fully realized and the costs and management time associated with being a public company were significant,” BBX stated. “It was anticipated that there would be sufficient liquidity in the trading of Bluegreen’s common stock, but the concentration of public holders of Bluegreen’s common stock by a few large shareholders adversely impacted the liquidity of the stock.”

The top holder of Bluegreen shares is FMR LLC, the mutual fund giant affiliated with Fidelity. It has 5.3 million shares, or 7 percent of the outstanding shares, according to Fidelity.com. No other institution had more than 1 percent.

Shares of BBX were up 9 cents, or 1.46 percent, to trade at $6.25 mid-morning Monday.

A significant event for Bluegreen occurred last year when its second quarter earnings missed expectations, which caused a 40 percent drop in shares. For the fourth quarter this year, Bluegreen earned 27 cents per share, which beat analysts’ consensus of 23 cents a share.

SFBW profiled Bluegreen CEO and President Shawn B. Pearson last fall and he said the company’s ultimate goal is for customers to see Bluegreen destinations as their home away from home.

 

 

 

 

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.