BioFuel Energy Corp. (BIOF) Approves Greenlight Capital Bid

BioFuel Energy Corp. (NASDAQ:BIOF)'s stock price is up more than 50% after announcing that its board of directors has approved a deal that would give David Einhorn’s Greenlight Capital just short of half the company, even though the deal is structured so that Biofuel is the one doing the acquisition.

Greenlight will sell JBGL but own almost half of BioFuel Energy Corp. (NASDAQ:BIOF)

BioFuel Energy Corp. (NASDAQ:BIOF) has entered into a definitive agreement to acquire the homebuilding/financing company JBGL, currently owned by Greenlight Capital and co-founder Jim Brickman, for $275 million in cash and stock. Biofuel Energy said that the...