BioFuel Energy to acquire JBGL in $275M deal, shares +23% premarket

|About: BioFuel Energy Corp. (BIOF)|By:, SA News Editor

BioFuel Energy (BIOF) +23.1% premarket after agreeing to acquire JBGL Builder Finance from affiliates of Greenlight Capital and James Brickman for $275M in cash and stock.

The cash portion of the deal will be funded from the proceeds of a $70M rights offering and ~$150M in debt financing provided to BIOF by Greenlight.

JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations.