Reuters logo
2 个月前
Forestar says D.R. Horton's sweetened offer superior to Starwood bid
2017年6月23日 / 下午1点25分 / 2 个月前

Forestar says D.R. Horton's sweetened offer superior to Starwood bid

June 23 (Reuters) - Forestar Group Inc said on Friday top U.S. homebuilder D.R. Horton Inc had sweetened its offer to buy a 75 percent stake in the real estate developer, escalating a bidding war with investment firm Starwood Capital Group.

Forestar said D.R. Horton's new cash offer of $17.75 per Forestar share — up from $16.25 per share previously — was superior to a proposal from Starwood to buy all of Forestar.

D.R. Horton's new offer values 75 percent of Forestar at about $565 million, according to Reuters calculations.

Texas-based Forestar agreed in April to be acquired by Starwood for $14.25 per share. Starwood increased that offer to $15.50 per Forestar share earlier this week and to $16.00 per share on Friday.

The bids for Forestar come at a time when U.S. homebuilders including D.R. Horton are seeking ways to boost their land holding as rising land acquisition costs and a tight labor market hamper efforts to tap the recovery in the housing market.

Forestar, which mainly develops lots and sells them to homebuilders, owns interests in 50 residential and mixed-use projects comprising 4,600 acres of real estate.

Forestar said on Friday its board had informed Starwood that it intends to terminate their merger agreement and sign a deal with D.R. Horton under the homebuilder's sweetened offer.

Forestar's shares were up 4.8 percent at $17.30 in premarket trading. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below