BFC Financial extends termination date in merger deal with Levitt

By Lisa Kerner

Charlotte, N.C., July 16 - BFC Financial Corp. extended the termination date of its merger agreement with Levitt Corp. to Oct. 1 from July 31, according to an 8-K filing with the Securities and Exchange Commission.

On Jan. 31, BFC announced a definitive merger agreement to make Levitt a wholly owned subsidiary in a transaction worth an estimated $286 million. The transaction was expected to close during the second quarter of 2007.

As previously reported, holders of Levitt's class A common stock will receive 2.27 shares of BFC class A common stock for each of their Levitt class A shares.

At the time of the announcement, BFC, a Fort Lauderdale, Fla.-based private investment firm, owned 17% of Levitt, consisting of all of Levitt's class B common stock and about 11% of the company's class A common stock.

Levitt is a homebuilding and real estate development company based in Fort Lauderdale, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.