BankAtlantic Bancorp Inc.'s biggest shareholder has terminated its deal to reacquire a Fort Lauderdale, Fla., home builder BankAtlantic spun off three years earlier.
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The shareholder, BFC Corp. of Fort Lauderdale, announced plans to acquire Levitt Corp. in late January for $286 million in stock. But on Wednesday, BFC said the deal was off.
The companies did not provide a reason for the termination.
BFC has roughly 15% of BankAtlantic's class A stock and held 16.6% of Levitt's common stock as of May 10.
