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PICO Holdings announces its majority owned subsidiary, UCP agrees to a business combination with Century Communities

Apr. 11, 2017 7:29 AM ETD.R. Horton, Inc. (DHI) StockBy: Niloofer Shaikh, SA News Editor5 Comments
  • PICO Holdings (PICO) announced that its majority owned subsidiary, UCP, Inc., (UCP) has entered into a definitive agreement with Century Communities, Inc. (CCS) to merge in a stock-and-cash transaction.
  • In the merger, each outstanding share of UCP common stock will be converted into the right to receive $5.32 in cash and 0.2309 of a newly issued share of Century common stock.
  • Based on the closing sale price of Century’s common stock as reported yesterday, the implied value of the total stock and cash consideration to be received by UCP’s stockholders in the merger is $11.35 per share.
  • The transaction is expected to close by the end of Q3.
  • Press Release

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