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Independent Bank Corporation Message Board

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  • dinepat203 dinepat203 Mar 13, 2012 2:28 PM Flag

    Hold on like BBX this might go SKY HIGH

    BB Corp amends BankAtlantic deal
    Z:M Navigator-March13, 2012-BB Corp amends BankAtlantic deal (C)2012 M2 COMMUNICATIONS http://www.m2.com 13 March 2012 - US financial services holding BB Corp (NYSE:BBT) today said it had amended its agreement to buy BankAtlantic Bancorp Inc's (NYSE:BBX) unit BankAtlantic, in an effort to address litigation hurdles and allow the transaction to go ahead. Under the amended terms, BB will take charge of BankAtlantic Bancorp's obligations regarding its outstanding trust preferred securities worth around USD285m (EUR215m), the buyer said in a press release. In exchange for that, the buyer will get 95% in a new limited liability company (LLC) holding USD423m loans and USD17m of other BankAtlantic assets. The buyer said it would monetise this interest in the LLC until it fully recovers the assumed liability. The core terms of the deal remain as agreed last November, with BB buying BankAtlantic loans of around USD2.1bn and USD3.3bn deposits and paying an estimated premium of USD301m over the value of BankAtlantic's net assets at completion of the deal. The combination is seen to boost BB's presence in southeastern Florida, the buyer said. Completion is expected in the second quarter, pending regulatory clearance. Deutsche Bank Securities Inc, Squire Sanders (US) LLP and Wachtell, Lipton, Rosen Katz advised BB ((Comments on this story may be sent to info@m2.com))

 
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