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Bluegreen shareholders approve merger with BFC Financial subsidiary

BFC Financial (BFCF) and Bluegreen (BXG) announced that Bluegreen shareholders approved the previously announced merger of Bluegreen with Woodbridge Holdings, a wholly-owned subsidiary of BFC, in an all-cash transaction at a price of $10.00 per share. Over 86% of the total Bluegreen common stock outstanding was voted in favor of the merger, representing over 96% of the shares voted at the meeting. The parties currently expect to close the merger during the first week of April.