Heard any more re Westgate's takeover?

[ctandrinokc Junior Member Find all posts View Profile Close ctandrinokc]

I was just curious if anyone heard any more news regarding Mr. Seagull's attempt to takeover BG. It's been pretty quiet since this was thread was brought up a couple of weeks ago.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Chris,

Bluegreen adopted a poison pill that goes into effect immediately and preferred options will be distributed to shareholders of record on August 16.

David Siegel owns a bunch of stock and he has sold put options which enable the purchasers to sell their shares to David Siegel at $12.50/share. That's a pretty good deal for them since the stock is well below that right now. It's currently at $11.34.

If enough people sell their shares to Siegel at $12.50, he could take control of the company. We won't know until the options expire later in the year.

[Thirsty Senior Member Find all posts View Profile Close Thirsty]

Chris,

Bluegreen adopted a poison pill that goes into effect immediately and preferred options will be distributed to shareholders of record on August 16.

David Siegel owns a bunch of stock and he has sold put options which enable the purchasers to sell their shares to David Siegel at $12.50/share. That's a pretty good deal for them since the stock is well below that right now. It's currently at $11.34.

If enough people sell their shares to Siegel at $12.50, he could take control of the company. We won't know until the options expire later in the year.

Boca,

I don't know much about stocks. So could you please explain in simple terms what is meant by poison pill? I read an article about the possible take over and the poison pill. However it just didn't sink in.

Also if a take over happened what do you think would happen to BG and the quality of service they offer?

Thanks,
Mike