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BBX - Bluegreen Vacations Is Dramatically Undervalued For Non-Fundamental Reasons
BBX Capital Corporation Class A
Bluegreen Vacations (BXG) is a developer and manager of vacation ownership (timeshare) projects that has recently had a takeover offer fall through. The company’s shares declined precipitously as arbitragers left the name after the offer from BBX Capital (BBX) to buy out minority shareholders for $16 per share was withdrawn. The stated reason for the withdrawal of the offer was a lawsuit from Bass Pro, which has a marketing agreement that is responsible for a significant portion of the company’s sales. The lawsuit has since been settled for a total of