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BFC Financial/BBX Capital complete merger after gaining shareholder approval

BFC Financial Corp. completed its acquisition of BBX Capital Corp. after the Fort Lauderdale, Fla.-based specialty lender received shareholder approval at a special meeting.

At the meeting, the merger agreement was approved by shareholders of BBX Capital's class A and Class B common stock, representing approximately 97% of the total votes entitled to be cast on the transaction. The merger was also approved by holders of approximately 98% of unaffiliated shares of BBX Capital's class A common stock, which voted on the merger.

As part of the agreement, BBX Capital shareholders were entitled to elect to receive 5.4 shares of BFC Financial's Class A common stock or $20.00 in cash, without interest, for each share of BBX Capital class A common stock they owned at the effective time of the merger. Stock elections were made by holders with respect to approximately 2,241,000 shares of BBX Capital's class A common stock. The holders will receive an aggregate of approximately 12.1 million shares of BFC Financial's class A common stock.

The balance of the shares of BBX Capital's class A common stock entitling the holders to merger consideration will receive cash consideration of approximately $16.7 million.