Lennar to Acquire Florida-Based WCI Communities; We Do Not Expect a Significant Fair Value Impact
On Sept. 22, Lennar announced it entered into a definitive agreement with public homebuilder WCI Communities to acquire all outstanding WCIC common shares for $23.50 per share, a 37% premium to WCIC’s Sept. 21 closing price. The proposed deal values WCIC’s equity at $643 million, or 1.3 times and 17.4 times the homebuilder’s tangible book value and trailing 12-month EPS, respectively. With the assumption of WCIC’s debt, the deal is valued at $809 million, or 10.3 times the WCIC’s trailing 12-mon...Lennar is a homebuilder in the United States, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. The company's homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. The company operates under the Lennar brand name. The company creates and participates in joint ventures that acquire and develop land for its homebuilding operations, for sale to third parties or for use in the ventures' own homebuilding operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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