BBX Capital, Inc. (“BBX Capital”) declared today that it plans to begin a cash tender offer to buy up to 4,000,000 shares of its Class A Common Stock at a price tag of $6.75 per share. The closing price of BBX Capital’s Class A Common Stock on May 21, 2021, the last trading day before the present declaration, was $6.17 per share. The shares proposed to be bought in the tender offer address approximately 26.6% of the absolute number of outstanding shares of BBX Capital’s Class A Common Stock and the complete price tag for the shares would be $27 million. On the off chance that the tender offer is initiated and finished and in excess of 4,000,000 shares are tendered in the tender offer, at that point, subject to the terms and conditions of the tender offer, BBX Capital will buy shares from shareholders who properly tender shares on a pro rata basis dependent on the total number of shares tendered.
The terms and conditions of the tender offer will be depicted in an offer to buy and related letter of transmittal that will be sent to BBX Capital’s shareholders not long after beginning of the tender offer. The tender offer will be dependent upon specific conditions portrayed in the offer to buy. BBX Capital as of now expects initiating the tender offer inside five work days. The tender offer will be held open for in any event twenty work days following its beginning. To be substantial, tenders of shares should be made preceding the lapse of the tender offer time frame and in any case as per the instructions for tendering shares to be gone ahead in the offer to buy and related letter of transmittal.
None of BBX Capital, its Board of Directors, the Information Agent for the tender offer, or the Depositary for the tender offer will make any proposal to shareholders regarding whether to tender or forgo tendering their shares in the tender offer. Shareholders should settle on their own decision concerning the number of shares they will tender, assuming any.