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Bluegreen Vacations (BXG) 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) , 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.

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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.