Sun-Sentinel by Paul Owers Posted February 1 2007; For full article please click here
Hoping to bolster its bottom line during the housing downturn, historic home builder Levitt Corp. said Wednesday it will be sold to the Fort Lauderdale-based holding company run by the head of BankAtlantic for $286 million.BFC Financial Corp., already owns 17 percent of Levitt. It also has stakes in Bluegreen Corp., BankAtlantic Bancorp, Ryan Holdings Inc., Benihana Inc. and Cypress Creek Capital.Holders of Levitt’s Class A shares will receive 2.27 shares of BFC’s Class A common stock for each share they own, the companies said. With BFC’s closing stock price Tuesday of $6.35, Levitt shareholders would receive $14.41, a 32 percent premium. BFC shares closed Wednesday at $6.23, down 12 cents.Levitt shares shot up 30 percent, or $3.28 a share,on the news to close Wednesday at $14.16.The Fort Lauderdale-based builder said it needs to improve its capital and liquidity positions while it waits for the housing market to rebound.