Levitt, BFC Financial to Merge
BFC Financial Corporation, a Florida-based holding company, announced today that it will acquire Southeastern-U.S. home builder Levitt Corporation in a deal valued at $286 million. Levitt develops planned suburban as well as master-planned communities. BFC currently owns approximately 17 percent of Levitt, consisting of all of Levitt's Class B Common Stock and approximately 11 percent of Levitt's Class A Common Stock. Alan Levan, CEO of both BFC and Levitt commented, â€œThis merger is a win-win situation for both Levitt and BFC," said Alan Levan, who serves as CEO of both BFC and Levitt, who characterized the merger as an opportunity to participate in the future recovery of the home building market. Home builders have been hit hard recently as the housing downturn has dampened demand and left many builders holding costly options on undeveloped parcels. The acquisition and merger is expected to increase pro forma market capitalization at BFC from approximately $228 million to approximately $466 million, the company said. For more information, visit http://www.bfcfinancial.com.