D.R. Horton Reaches Agreement to Acquire 75% of Land Developer Forestar for $17.75 Per Share
On June 29, no-moat homebuilder D.R. Horton announced that it had reached an agreement with Forestar to acquire 75% of the company for $17.75 per share. D.R. Horton’s offer represents about a 9% increase from its previous $16.25 per share offer, which was announced on June 5. Forestar terminated the previous merger agreement it had with Starwood Capital Group. As we had previously noted in our June 5 analyst note, we view this deal as an interesting opportunity for D.R. Horton to build a captive...D.R. Horton is a homebuilding company. The company's business operations consist of homebuilding, a majority-owned residential lot development company, financial services and other activities. The company's financial services operations provide mortgage financing and title agency services to homebuyers in its homebuilding markets. The company's subsidiary, DHI Mortgage, provides mortgage financing services primarily to its homebuyers and generally sells the mortgages it originates and the related servicing rights to third-party purchasers. The company's subsidiary title companies serve as title insurance agents by providing title insurance policies, examination and closing services, primarily to its homebuyers.
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