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BRIEF-D.R. Horton and Forestar announce merger agreement
June 29, 2017 / 1:25 PM / 3 months ago

BRIEF-D.R. Horton and Forestar announce merger agreement

June 29 (Reuters) - D.R. Horton Inc

* D.R. Horton and Forestar announce merger agreement to create a leading national land development company

* D.R. Horton has cash and other immediately available capital to fund approximately $560 million cash consideration

* Transaction is expected to be accretive to D.R. Horton’s fiscal 2018 earnings

* Currently intends to gradually reduce its ownership position in Forestar and increase public float of Forestar stock

* ‍Forestar will operate as public co led by Donald Tomnitz, former CEO of co, as exec chairman,members of current Forestar management team​

* ‍Forestar’s headquarters will remain in austin​ Source text for Eikon: Further company coverage:

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