Bluegreen Corporation Completes Merger with Subsidiary of BFC Financial Corporation

FORT LAUDERDALE, Fla. & BOCA RATON, Fla.--()--BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) and Bluegreen Corporation ("Bluegreen") (NYSE: BXG) today announced that the previously announced merger of Bluegreen into Woodbridge Holdings, LLC (“Woodbridge”), a wholly-owned subsidiary of BFC, became effective as of the close of trading today.

Under the terms of the merger agreement, each outstanding share of Bluegreen’s Common Stock (other than those shares held directly or indirectly by BFC and shares owned by holders who exercised and perfected their appraisal rights in accordance with Massachusetts law) have been converted into the right to receive $10.00 in cash, without interest thereon and less any applicable withholding taxes. See “AdditionaI Information for Bluegreen Shareholders,” below.

Additional Information for Bluegreen Shareholders

If you are a shareholder of Bluegreen’s Common Stock as of the close of trading on April 2, 2013, Computershare Trust Company, N.A. and Computershare, Inc. (collectively “Computershare”), the paying agent retained for purposes of the merger, will mail to you a letter of transmittal and instructions explaining how to surrender your shares of Bluegreen’s Common Stock for payment of the merger consideration to which you are entitled. After you return the proper documentation to the paying agent, Computershare will issue and deliver to you a check for the amount of cash you are entitled to receive. Bluegreen’s shareholders should not send in their stock certificates until they are requested to do so by Computershare. If your shares of Bluegreen’s Common Stock are held in “street name” by your bank, broker or other nominee, you will receive instructions from your bank, broker or other nominee on any actions you may need to take to receive the merger consideration for those shares.

ABOUT BLUEGREEN CORPORATION

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is a leading timeshare sales, marketing and resort management company. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 160,000 owners, over 59 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. For more information, visit www.bluegreencorp.com.

Contacts

Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com

Sharing

Contacts

Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com