Bluegreen just did $135 million of EBITDA in 2014. Their peer group trades at about 12x EBITDA which would give Bluegreen a value of $1.6 billion. However, when Bluegreen is consolidated they won't pay taxes for a very long time, which realistically increases the value by $200 - $400 million. At the end of the day, BBX's 46% interest should be valued on their balance sheet at least $700 million (excluding most of the positive tax consequences). That would increase their book value by about $38 per share.
As a shareholder, I know it's nice to see it finally go up for a change, but this price in cash is just ridiculous. If they gave us BFCF stock (which was the original merger by the way), then fine but in cash it's just a heist. I will not be tendering any shares.