June 29, 2017 / 1:05 PM / 5 months ago

Forestar to sell majority stake in company to D.R. Horton

June 29 (Reuters) - Forestar Group Inc said on Thursday it had agreed to sell a 75 percent stake in the company to U.S. homebuilder D.R. Horton Inc and scrapped its merger agreement with investment firm Starwood Capital Group.

The real estate developer said D.R. Horton’s latest cash offer of $17.75 per Forestar share was superior to a proposal from Starwood to buy all of Forestar. The homebuilder had previously offered $16.25 per share.

Forestar paid Starwood a $20 million termination fee, the company said in a statement. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D‘Silva)

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