Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

19.  Subsequent Events



On March 4, 2019, BBX Capital announced its intention to take Bluegreen private through a short-form merger under Florida law pursuant to which BBX Capital will acquire all of the outstanding shares of Bluegreen’s common stock not currently owned by BBX Capital. If the proposed merger is completed, Bluegreen will become a wholly-owned subsidiary of BBX Capital and each share of Bluegreen’s common stock outstanding at the effective time of the merger, other than shares beneficially owned by BBX Capital and shareholders who duly exercise and perfect appraisal rights in accordance with Florida law, will be converted into the right to receive $16.00 per share in cash.

 

BBX Capital, indirectly through a wholly owned subsidiary, currently owns approximately 90% of Bluegreen’s outstanding common stock. Under Florida law, because BBX Capital owns more than 80% of the outstanding shares of Bluegreen’s common stock, the merger may be consummated without the approval of, or action by, Bluegreen’s Board of Directors or its other shareholders. Accordingly, Bluegreen’s Board of Directors did not approve or disapprove the merger, and Bluegreen’s shareholders will not be asked to approve or disapprove the merger but will have statutory appraisal rights if the merger is consummated.

 

The merger is expected to be completed 30 days after the Schedule 13E-3 filed with the SEC relating to the merger is first mailed to Bluegreen's shareholders, or as soon as practicable thereafterHowever, the merger may be terminated at any time before it becomes effective. There is no assurance that the merger will be consummated on the contemplated terms, or at all.



Subsequent events have been evaluated through the date the financial statements were available to be issued.  As of such date, other than described above, there were no subsequent events identified that required recognition or disclosure.