AUSTIN, Texas--(BUSINESS WIRE)--Oct. 3, 2017--
Forestar Group Inc. (NYSE: FOR) (“Forestar”) today announced that its
stockholders, at a special meeting held earlier today, overwhelmingly
voted in favor of the proposal to adopt the previously announced merger
agreement by and among D.R. Horton, Inc. (NYSE: DHI) (“D.R. Horton”),
Forestar and Force Merger Sub, Inc. (the “merger agreement”), pursuant
to which D.R. Horton has agreed to acquire approximately 75% of the
currently outstanding shares of Forestar.
The affirmative vote of holders of a majority of the outstanding shares
of Forestar common stock was required to adopt the merger agreement.
31,963,244 shares of Forestar common stock were voted for approval of
the proposal to adopt the merger agreement, representing approximately
76.2% of the outstanding shares as of the record date for the special
meeting and approximately 98.3% of the shares present in person or by
proxy at the special meeting.
The transaction remains subject to other customary closing conditions.
As previously announced, the parties currently expect to close the
merger on October 5, 2017.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder
by volume in the United States for fifteen consecutive years. Founded in
1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in
26 states across the United States and closed 44,833 homes in the
twelve-month period ended June 30, 2017. The Company is engaged in the
construction and sale of high-quality homes through its diverse brand
portfolio that includes D.R. Horton, Emerald Homes, Express Homes and
Freedom Homes ranging from $100,000 to over $1,000,000. D.R. Horton also
provides mortgage financing and title services for homebuyers through
its mortgage and title subsidiaries.
About Forestar Group Inc.
Forestar is a residential and mixed-use real estate development company.
As of June 30, 2017, in its core community development business it
owned, directly or through ventures, interests in 48 residential and
mixed-use projects comprised of 4,400 acres of real estate located in 10
states and 14 markets. In addition, it owns interests in various other
assets that have been identified as non-core that it is divesting
opportunistically over time.
Portions of this document may constitute “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995.
Although D.R. Horton and Forestar believe any such statements are based
on reasonable assumptions, there is no assurance that actual outcomes
will not be materially different. All forward-looking statements are
based upon information available to D.R. Horton and Forestar on the date
this release was issued. Neither D.R. Horton nor Forestar undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Some
forward-looking statements discuss D.R. Horton’s and Forestar’s plans,
strategies and intentions. They use words such as “expects,” “may,”
“will,” “believes,” “should,” “would,” “could,” “approximately,”
“anticipates,” “estimates,” “targets,” “intends,” “likely,” “projects,”
“positioned,” “strategy,” “future,” and “plans.” In addition, these
words may use the positive or negative or other variations of those
terms. Forward-looking statements also include all other statements in
this press release that are not historical facts.
Factors that may cause the actual results to be materially different
from the future results expressed by the forward-looking statements
include, but are not limited to D.R. Horton’s and Forestar’s ability to
satisfy the conditions to closing of the proposed Merger, and other
risks related to the completion of the proposed Merger and actions
related thereto. Additional information about issues that could lead to
material changes in performance is contained in D.R. Horton’s and
Forestar’s respective annual reports on Form 10-K and their respective
most recent quarterly reports on Form 10-Q, all of which are filed with
the Securities and Exchange Commission (the “SEC”). There can be no
assurance that the merger will be completed, or if it is completed, that
it will close within the anticipated time period or that the expected
benefits of the merger will be realized.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171003006547/en/
Source: Forestar Group Inc. and D.R. Horton, Inc.
Jessica Hansen, 817-390-8195
Vice President of
Charles D. Jehl, 512-433-5229
Chief Financial Officer