Reuters logo
UPDATE 1-Homebuilder D.R. Horton offers to buy 75 pct of Forestar for $520 mln
2017年6月5日 / 上午11点17分 / 6 个月前

UPDATE 1-Homebuilder D.R. Horton offers to buy 75 pct of Forestar for $520 mln

(Adds details, background)

June 5 (Reuters) - U.S. homebuilder D.R. Horton Inc said on Monday it had offered to buy 75 percent of real estate development company Forestar Group Inc for about $520 million.

The cash offer of $16.25 per Forestar share represents a 14 percent premium to the price offered by U.S. investment firm Starwood Capital Group to buy all of Forestar, D.R. Horton said.

Austin, Texas-based Forestar in April agreed to be bought by Starwood for $14.25 per share.

Forestar’s shares were up 12 percent at $15.95 in premarket trading.

The deal would help D.R. Horton, the No. 1 U.S. homebuilder, expand its land and lot portfolio at a time when homebuilders’ margins are being hurt by higher land acquisition costs.

Under the proposed deal, Forestar will remain public to ensure continued access to capital to help fund its increasing scale, D.R. Horton said.

D.R. Horton has the cash and other immediately available capital to fund the deal, the company said.

Moelis & Co was D.R. Horton’s financial adviser. (Reporting by Arunima Banerjee 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