Newport Beach home builder Presley Cos. said Wednesday that it will change its name to William Lyon Homes after the close of business Friday.
Presley, which is chaired by real estate developer William Lyon, also said its stock ticker symbol will be changed to WLS from PDC on the New York Stock Exchange, effective Monday.
"We believe that this name change will allow the company to take advantage of the strong reputation of the William Lyon name and to reflect the significant transactions that we have effected in the past year," the company's president, Wade Cable, said in a press release.
On Nov. 5, Presley bought William Lyon Homes Inc. for $42.9 million in cash and said it would retain the Presley name. Lyon and his son, William H. Lyon, then completed a tender offer a few days later to acquire 11% of Presley to add to the stake they already owned.
Altogether, Lyon now beneficially owns 33% of the company. In addition, a trust in which his son is the beneficiary now owns nearly 17% of the company's stake, giving the family control of nearly half the company.