June 14, 2006 |
Home builder William Lyon Homes said Tuesday that the New York Stock Exchange suspended trading in its common shares, indicating the amount of publicly held stock wasn't sufficient for NYSE trading. The NYSE told the company it intended to ask the Securities and Exchange Commission to delist the stock. William Lyon, chairman of the Newport Beach-based company, said last month that his tender offer for the company's stock had expired. He paid $109 a share for more than 90% of the shares.
May 16, 2006 |
The chief executive of Newport Beach-based home builder William Lyon Homes Inc. on Monday said his buyout offer was successful. William Lyon said his $109-a-share offer, made May 1, gave him at least a 90.6% stake in the company. That was enough to complete a takeover, Lyon said. Lyon, who has said he plans to take the company private, said shareholders could tender their shares at $109 until midnight New York time Wednesday. A final count of those tendered will be available Thursday.
May 6, 2006 |
William Lyon Homes Inc., whose chairman and chief executive is trying to buy the company, said first-quarter profit rose 28% as it sold more houses. The home builder said net income was $26.2 million, or $3.02 a share, compared with $20.5 million, or $2.36, a year earlier. The Newport Beach company said revenue increased 25% to $307.4 million. The company said 581 homes closed in the quarter, up 27%, while the backlog of homes sold but not closed fell 14%. New home orders fell 26%.
May 2, 2006 |
William Lyon, chief executive of William Lyon Homes Inc., raised his offer for the 29% of the company he doesn't control to $275 million and said a special board committee would urge shareholders to accept it. The bid of $109 a share is 8.9% more than Friday's closing price. Lyon owns 48% of the Newport Beach-based company and his family controls an additional 23% through trusts. He bid $82 a share for the rest of the shares in April 2005, which the board rejected in June.
April 25, 2006 |
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.
April 11, 2006 |
William Lyon went on the offensive Monday, bumping up his bid to buy the shares of William Lyon Homes Inc. that he doesn't already own to $100 a share from $93 originally offered last month. The sweetened bid may be enough to finally allow Lyon, the company's chairman and chief executive, to take the Newport Beach-based home builder private. A committee of outside directors recommended Monday that shareholders accept the latest offer, after having told Lyon 10 days earlier to improve his bid.