when pulte centex deal to create top US homebuilder ?
Pulte-Centex deal to create top U.S. homebuilder Posted on April 8, 2009 at 8:17 AM Filed under: Acquisitions Tagged: Centex Corp. , D.R. Horton , Pulte Homes , Richard Dugas , Timothy Eller HomeImprovementConstructionBig.png What does a company do when its focus is building homes and it’s in the midst of a housing market in shambles and a continually souring economy where practically no one can get credit? Acquire, of course … Pulte Homes Inc. (NYSE:PHM) is acquiring Centex Corp. (NYSE:CTX) in a stock-for-stock deal valued at $3.1 billion, including $1.8 billion of net debt. “Combining these two industry leaders into one company puts us in an excellent position to navigate through the current housing downturn, poised to accelerate our return to profitability,” said Pulte president and CEO Richard Dugas Jr. in a statement. Pulte says the deal will save it $350 million annually. At closing, Pulte shareholders will own about 68% of the combined company, while Centex shareholders will h
Pulte to buy Centex in blockbuster builder deal Merger of residential-construction giants to create largest U.S. home builder By John Spence, MarketWatch BOSTON (MarketWatch) — Pulte Homes Inc. on Wednesday said it is buying Centex Corp. in an all-stock transaction that will create the largest U.S. home builder as the beleaguered industry tries to ride out the housing slump. The companies have agreed to merge in a $3.1 billion deal, including $1.8 billion of debt. Centex /quotes/comstock/13*!ctx/quotes/nls/ctx (CTX 8.84, +0.11, +1.26%) shareholders will receive 0.975 share of Pulte /quotes/comstock/13*!phm/quotes/nls/phm (PHM 9.14, +0.12, +1.33%) common stock for each Centex share they own. The deal has a value of $10.50 per Centex share, based on the $10.77 closing price of Pulte shares on Tuesday. Centex shares were up nearly 20% in afternoon trading Wednesday, while Pulte traded to the downside. “Combining Pulte and Centex will create America’s largest and best-positioned home buil
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- when pulte centex deal to create top US homebuilder ?
