LOS ANGELES, March 5, 2019 /PRNewswire/ -- Ridgedale Partners, LLC, manager of the general partner of a significant common stock shareholder of BBX Capital Corporation (BBX), has issued a new letter to Alan B. Levan, Chairman of the Board and Chief Executive Officer of BBX, highlighting the absurdity of BBX's recently announced plan to acquire the publicly traded common stock of BXG for $16 per share.
In the letter, Ridgedale questions the rationale, basic mathematical analysis and decision- making apparatus used by BBX to justify the short-form merger and demands that BBX share all relevant analyses with its public shareholders, as well as the minutes of the Board meetings reviewing and approving the proposal.
The letter further accuses Levan of ignoring the wishes of BBX shareholders and the reality of basic mathematics. Ridgedale claims that BBX has decided to embrace "Levan Math" and effectively pay a 50% premium to reacquire the public BXG shares.
In yet another move which Ridgedale claims is value destructive, BBX proposes to acquire the shares for $16 after selling them for $14 per share in the IPO roughly 16 months ago.
Ridgedale asserts in its latest letter that BBX and Levan continue to display disdain for public shareholders by refusing to pursue more accretive options with no obvious rationale for this move.
The full text of the letter can be found at: www.bbxfacts.com
Contact: Liz Rosso 916-900-6728 firstname.lastname@example.org
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