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This financial market is very challenging to finance any large deals. Since Bluegreen set a timetable, we will know by Dec 15 whether or not there is a deal. It still seems bizzarre to me that there is an exclusive negotiating period, but there is also a "go shop" clause to see if there is a better suitor. At $15/share, I doubt that will happen. One thing is sure. Bluegreen is looking to get acquired for a strategic valuation. Not sure why given they so bitterly fought off the hostile takeover from David Siegel's company.
If you look at the stock, it dropped 5% and is now trading at $10.41. It closed at $6.44 before the announced letter of intent. Since the deal is at $15/share, the market is now giving it a 46% chance of happening. 54% chance of not happening.
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