Forestar Announces Stockholders’ Approval of Merger Agreement With D.R. Horton
October 03 2017 - 5:00PM
Business Wire
Forestar Group Inc. (NYSE: FOR) (“Forestar”) today announced
that its stockholders, at a special meeting held earlier today,
overwhelmingly voted in favor of the proposal to adopt the
previously announced merger agreement by and among D.R. Horton,
Inc. (NYSE: DHI) (“D.R. Horton”), Forestar and Force Merger Sub,
Inc. (the “merger agreement”), pursuant to which D.R. Horton has
agreed to acquire approximately 75% of the currently outstanding
shares of Forestar.
The affirmative vote of holders of a majority of the outstanding
shares of Forestar common stock was required to adopt the merger
agreement. 31,963,244 shares of Forestar common stock were voted
for approval of the proposal to adopt the merger agreement,
representing approximately 76.2% of the outstanding shares as of
the record date for the special meeting and approximately 98.3% of
the shares present in person or by proxy at the special
meeting.
The transaction remains subject to other customary closing
conditions. As previously announced, the parties currently expect
to close the merger on October 5, 2017.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest
homebuilder by volume in the United States for fifteen consecutive
years. Founded in 1978 in Fort Worth, Texas, D.R. Horton has
operations in 79 markets in 26 states across the United States and
closed 44,833 homes in the twelve-month period ended June 30, 2017.
The Company is engaged in the construction and sale of high-quality
homes through its diverse brand portfolio that includes
D.R. Horton, Emerald Homes, Express Homes and Freedom Homes
ranging from $100,000 to over $1,000,000. D.R. Horton also
provides mortgage financing and title services for homebuyers
through its mortgage and title subsidiaries.
About Forestar Group Inc.
Forestar is a residential and mixed-use real estate development
company. As of June 30, 2017, in its core community development
business it owned, directly or through ventures, interests in 48
residential and mixed-use projects comprised of 4,400 acres of real
estate located in 10 states and 14 markets. In addition, it owns
interests in various other assets that have been identified as
non-core that it is divesting opportunistically over time.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton and Forestar believe any such
statements are based on reasonable assumptions, there is no
assurance that actual outcomes will not be materially different.
All forward-looking statements are based upon information available
to D.R. Horton and Forestar on the date this release was issued.
Neither D.R. Horton nor Forestar undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Some
forward-looking statements discuss D.R. Horton’s and Forestar’s
plans, strategies and intentions. They use words such as “expects,”
“may,” “will,” “believes,” “should,” “would,” “could,”
“approximately,” “anticipates,” “estimates,” “targets,” “intends,”
“likely,” “projects,” “positioned,” “strategy,” “future,” and
“plans.” In addition, these words may use the positive or negative
or other variations of those terms. Forward-looking statements also
include all other statements in this press release that are not
historical facts.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to D.R. Horton’s and
Forestar’s ability to satisfy the conditions to closing of the
proposed Merger, and other risks related to the completion of the
proposed Merger and actions related thereto. Additional information
about issues that could lead to material changes in performance is
contained in D.R. Horton’s and Forestar’s respective annual reports
on Form 10-K and their respective most recent quarterly reports on
Form 10-Q, all of which are filed with the Securities and Exchange
Commission (the “SEC”). There can be no assurance that the merger
will be completed, or if it is completed, that it will close within
the anticipated time period or that the expected benefits of the
merger will be realized.
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version on businesswire.com: http://www.businesswire.com/news/home/20171003006547/en/
D.R. HortonJessica Hansen, 817-390-8195Vice President of
Investor Relationsjlhansen@drhorton.comorForestar GroupCharles D.
Jehl, 512-433-5229Chief Financial
Officerchuckjehl@forestargroup.com
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