Thu, Sep. 22, 7:05 AM
- The cash and stock deal valued at $23.50 per share is a 37% premium to WCI's (NYSE:WCIC) close yesterday, and gives the company an equity value of $643M and an enterprise value of $809M.
- The current plan is for Lennar (NYSE:LEN) to pay $11.75 in cash and common stock valued at $11.75 for each share of WCIC.
- The deal combines two of the largest Florida homebuilders, and includes a portfolio of owned and controlled land by WCI totaling 14,200 homesites - mostly located in the Florida coastal markets.
- WCI has a 35-day go-shop period.
- WCIC +34% premarket to $23.
Jul. 16, 2013, 7:54 AM
With house prices rising, profits healthy and financing available, large publicly traded house-builders such as Lennar (LEN), NVR (NVR) and Toll Brothers (TOL) have been buying up their smaller privately held rivals, which have had trouble getting funding for new developments. Ryland Group (RYL) is onto its third acquisition in a year. To stay independent, some private companies have listed, with three IPOs in the sector taking place since January.| Jul. 16, 2013, 7:54 AM
Dec. 19, 2011, 9:10 AM
Lennar (LEN) is expanding its presence in the Pacific Northwest, acquiring 650 finished homesites from Seattle-based builder Premier Communities, and announcing plans to build new homes in the Portland area. The news comes a month after Toll Brothers (TOL) acquired a builder of Seattle-area luxury homes.| Dec. 19, 2011, 9:10 AM