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Bluegreen Vacations' main shareholder, BBX Capital, won't proceed with its previously planned merger that would have taken the Florida-based company private.

Bluegreen Vacations (BXG - Get Report) was sinking Thursday following news that its planned merger -- and its plans to become a private company -- fell apart.

The vacation company's main shareholder, BBX Capital (BBX - Get Report) , announced Wednesday that it was calling of a previously planned merger which would have taken Bluegreen Vacations private at $16 a share and delisted it from the New York Stock Exchange. 

In early March, BBX Capital had said it planned to take Bluegreen Vacations private through a type of "short-form" merger allowed under Florida state law.

BBX Capital owns about 90% of Bluegreen's common stock, and under Florida law the holder of more than 80% of the outstanding shares of Bluegreen's common stock may implement the merger without the approval of other shareholders of Bluegreen, according to the holding company.

Bluegreen had just gone public in November 2017.

BBX Capital will continue to hold its approximately 90% interest in Bluegreen Vacations, said the Florida-based firm.

Bluegreen Vacations was trading at $10.63, down 29% in trading on the New York Stock Exchange. BBX Capital's class A shares, meanwhile, were trading down nearly 3% to $4.80.

BBX Capital Corporation is a holding company whose main investments include Bluegreen Vacations, as well as BBX Capital Real Estate and Renin Holdings.

Bluegreen Vacations markets and sells vacation ownership interests and manages resorts.