Fort Lauderdale-based BFC Financial Corp. plans to absorb BBX Capital Corp., which it already controls, under a merger agreement announced Thursday.
BFC offered $20 a share for the 19 percent of BBX Class A common stock it doesn’t already own for a 27 percent premium on Wednesday’s closing price of $15.73 a share. Shares of BBX, former parent of the defunct BankAtlantic, bumped up 24 percent on the news in late morning trading for a market capitalization of $319 million. BFC shares jumped 15 percent.
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