Ademi LLP is investigating Bluegreen Vacations (NYSE: BVH) for possible breaches of fiduciary duty and other violations of law in its transaction with Hilton Grand Vacations.
In the transaction, Bluegreen Vacations stockholders are expected to receive only $75 per share in an all-cash transaction, representing total consideration of approximately $1.5 billion, inclusive of net debt. The transaction agreement unreasonably limits competing transactions for Bluegreen Vacations by imposing a significant penalty if Bluegreen Vacations accepts a competing bid. Bluegreen Vacations insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Bluegreen Vacations’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.