FORESTAR GROUP INC. (NYSE:FOR) Files An 8-K Other Events
Item 8.01. Other Events.
On June 23, 2017, Forestar Group Inc. (Forestar) issued a press
release announcing that its board of directors, after
consultation with its outside legal and financial advisors, has
determined that the binding proposal received on June 23, 2017
from D.R. Horton, Inc. to acquire 75% of the outstanding shares
of Forestars common stock for $17.75 in cash constitutes a
Superior Proposal, as defined in the previously announced
Agreement and Plan of Merger (as amended, the Terra Firma Merger
Agreement) among Terra Firma Merger Parent, L.P., a Delaware
limited partnership (Parent), and Terra Firma Merger Sub, L.P., a
Delaware limited partnership and a wholly owned subsidiary of
Parent (Merger Sub), and Forestar, as amended. Parent and Merger
Sub are affiliates of Starwood Capital Group. Forestar also
announced in the press release that it had entered into the
second amendment to the Terra Firma Merger Agreement providing
for an increase in the per share merger consideration to be paid
to Forestars stockholders from $15.50 per share in cash, without
interest, to $16.00 per share in cash, without interest. The full
text of the press release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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99.1 |
Press Release of Forestar, issued June23, 2017 |
Forestar Group Inc. ExhibitEX-99.1 2 a17-13230_9ex99d1.htm EX-99.1 Exhibit 99.1 NEWS RELEASE FORESTAR BOARD OF DIRECTORS DETERMINES UNSOLICITED PROPOSAL FROM D.R. HORTON CONSTITUTES A SUPERIOR PROPOSAL Forestar Enters Into Second Amendment to Merger Agreement with Starwood AUSTIN,…To view the full exhibit click here About FORESTAR GROUP INC. (NYSE:FOR)
Forestar Group Inc. is a residential and mixed-use real estate development company. The Company operates through three segments: Real Estate, Oil and Gas, and Other Natural Resources. Its Real Estate segment secures entitlements and develops infrastructure on its lands for single-family residential and mixed-use communities, and manages its undeveloped land, commercial and income producing properties, mainly a hotel and its multifamily properties. Its Oil and Gas segment is an independent oil and gas exploration, development and production operation and manages its owned and leased mineral interests. Its Other Natural Resources segment manages its timber, recreational leases and water resource initiatives. The Company owns directly or through ventures interests in approximately 60 residential and mixed-use projects consisting of over 7,000 acres of real estate located in approximately 10 states and approximately 20 markets.