Fox Business: Pulte Buys Rival Centex for $1.3B As Housing Market Struggles
April 9, 2009
Ken Sweet
FOXBusiness
Pulte Homes (PHM: 9.61, n.a., n.a.%) said Wednesday it would purchase the rival homebuilder Centex Corp. (CTX: 9.06, n.a., n.a.%) in a transaction valued at approximately $1.3 billion that would create the nation’s largest home builder during a difficult time for the humbled industry.
The Bloomfield Hills, Mich.-based Pulte said it would purchase Centex, a builder of traditionally entry-level to lower-middle-market homes, in an all-stock transaction valued at $3.1 billion, including $1.8 billion in net debt.
Under the terms of the agreement between the two companies, Centex shareholders would receive 0.975 shares of Pulte per share of Centex they own, valuing Centex shares at $10.50 based on the April 7 closing price.
To read this article in full, click here.
Comments (0) Post a Comment
Did you enjoy this article? Click here to subscribe to the magazine.