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.
March 24, 2006
William Lyon Homes Inc. said it had formed a special committee of independent directors to consider a $421-million offer from Chief Executive William Lyon, who owns a 48% stake, to buy the rest of the Newport Beach-based company.
August 9, 2005
* William Lyon Homes reported a 42% jump in second-quarter profit to $41 million, or $5.07 a share, from $31 million, or $3.14 a share, in the year earlier period. Homebuilding revenue declined 1.4% to $362.1 million. The Newport Beach firm posted record net home orders of 1,154, up 2% from the previous period. The company forecast full-year earnings at $17.75 to $20 a share, which would be a 14% increase over 2004 results.
July 26, 2005 |
William Lyon, the chairman of Newport Beach-based William Lyon Homes, who in April announced a bid to take the company private, on Monday issued a rebuke of the special committee of directors set up to consider the bid. Lyon on April 26 offered $82 a share for the publicly held shares of the home builder. The stock immediately soared above his offering price. On June 20, the special committee rejected the offer as "inadequate." The chairman subsequently withdrew his bid.
June 21, 2005 |
A special board committee of William Lyon Homes Inc. on Monday rejected as "inadequate" an $82-a-share buyout offer for the company from its controlling stockholder. Wall Street had already decided that the bid was too low, as shares of the Newport Beach-based home builder have been trading more than 10% above the takeover offer price. What's more, stocks of most builders have surged since early May as mortgage rates have fallen. Shares of rivals, including KB Home and Ryland Group Inc.