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California and the West | IN BRIEF / REAL ESTATE

Lyon Homes Founder Extends Tender Deadline

April 25, 2006|Annette Haddad

The founder and largest stakeholder of William Lyon Homes Inc. said he would extend the deadline for his tender offer to Friday.

William Lyon is offering $100 a share to take the Newport Beach-based builder private. He needs 1.1 million shares to be tendered to succeed in his bid. As of last Friday -- his original deadline -- 967,000 had been tendered.

Lyon, whose firm builds in California, Arizona and Nevada, also waived the condition that 90% of the shares be submitted.

Lyon owns about 48% of the company's stock and controls about 27% more that belongs to trusts and company officers.

William Lyon Homes shares closed at $100.01, up 1 cent.

Annette Haddad

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