BFC Financial Corporation Announces Preliminary Results of Its Tender Offer for Shares of BBX Capital Corporation's Class A Common Stock

FORT LAUDERDALE, FL--(Marketwired - April 27, 2015) - BFC Financial Corporation ("BFC") (OTCQB: BFCF) announced today the preliminary results of its tender offer to purchase up to 4,771,221 shares of Class A Common Stock of BBX Capital Corporation ("BBX Capital") at a cash purchase price of $20.00 per share. The tender offer expired at 5:00 p.m., New York City time, on Friday, April 24, 2015.

Based on a preliminary count by Computershare Trust Company, N.A., the Depositary for the tender offer, the total number of shares tendered in the tender offer was 6,729,250 shares, including 520,900 shares tendered pursuant to the guaranteed delivery procedure described in the tender offer documents. Because the preliminary information received from the Depositary indicates that the tender offer was oversubscribed, it is expected that the number of shares that BFC will purchase from each tendering shareholder will be prorated so that BFC purchases a total of 4,771,221 shares in the tender offer for an aggregate purchase price of approximately $95.4 million. Based on the preliminary information provided by the Depositary, it is estimated that the proration factor for the tender offer will be approximately 70.9%.

The number of shares of BBX Capital's Class A Common Stock expected to be purchased by BFC, the aggregate purchase price for the shares, and the proration factor are preliminary and subject to final confirmation by the Depositary and the proper delivery of shares tendered, including shares tendered pursuant to the guaranteed delivery procedure. The final results of the tender offer, including the final proration factor, will be announced promptly following completion of the confirmation process. Payment for shares of BBX Capital's Class A Common Stock accepted for purchase by BFC will be made in accordance with the terms of the tender offer promptly following final confirmation of the number of shares tendered and the final proration factor, and taking into account adjustments to avoid purchases of fractional shares. In addition, all shares tendered in the tender offer but not accepted for purchase will be promptly returned to tendering shareholders.