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FOR

Forestar Group

$16.50

0.2 (1.23%)

, DHI

D.R. Horton

$33.47

-0.5 (-1.47%)

08:41
06/23/17
06/23
08:41
06/23/17
08:41

Forestar board designates revised D.R. Horton proposal as 'Superior Proposal'

Forestar Group (FOR) announced that it had received a revised binding proposal from D.R. Horton (DHI) to acquire 75% of the outstanding shares of Forestar common stock for $17.75 per share in cash and that its board of directors, after consultation with its outside legal and financial advisors, has unanimously determined that the revised proposal constitutes a "Superior Proposal," as defined in Forestar's amended merger agreement with Starwood Capital Group. Under the terms of D.R. Horton's revised proposal, which contains definitive documentation, D.R. Horton would acquire 75% of the outstanding shares of Forestar common stock for $17.75 per share in cash and Forestar and D.R. Horton would enter into a master supply agreement establishing a strategic relationship between Forestar and D.R. Horton for the supply of developed lots and a stockholder's agreement. On June 23, Forestar notified Starwood that Forestar had received the revised binding proposal from D.R. Horton and that Forestar's board of directors has determined that D.R. Horton's revised proposal constitutes a "Superior Proposal" and that Forestar's board of directors intends to terminate the amended merger agreement with Starwood to enter into a definitive, written agreement with respect to D.R. Horton's revised proposal. In accordance with the amended merger agreement with Starwood, Forestar will discuss and negotiate with Starwood in good faith until the end of the business day on June 28, such adjustments in the terms and conditions of the merger agreement with Starwood as would permit the Forestar board of directors not to terminate the amended merger agreement with Starwood. Subject to limited exceptions, D.R. Horton's revised offer is irrevocable until 1:00 p.m. on June 30. Forestar also announced that it has also entered into a second amendment to its merger agreement with Starwood to increase the merger consideration to $16.00 per share in cash. All other terms and conditions in the Starwood merger agreement remain unchanged. Forestar remains subject to the amended merger agreement with Starwood. Forestar's board of directors is not modifying, withdrawing, amending or qualifying its recommendation in favor of the amended merger agreement with Starwood and the merger contemplated thereby, or proposing to do so, and is not making any recommendation with respect to the revised D.R. Horton proposal.

FOR

Forestar Group

$16.50

0.2 (1.23%)

DHI

D.R. Horton

$33.47

-0.5 (-1.47%)

FOR Forestar Group
$16.50

0.2 (1.23%)

06/06/17
WELS
06/06/17
NO CHANGE
WELS
D.R. Horton acquisition of Forestar Group would be positive, says Wells Fargo
After D.R. Horton (DHI) made an unsolicited bid for Forestar Group (FOR), Wells Fargo says that acquiring Forestar would enable D.R. Horton "to grow at a double digit rate while mitigating incremental risk." The analyst says that the deal would give D.R. Horton "a solid competitive advantage" and enable it to grow more quickly while "mitigating potential impairment risk through the cycle." Wells thinks that D.R. Horton will enter into a "bidding war" with Starwood Capital, which had previously agreed to take Forestar private for $14 per share. Wells keeps an Outperform rating on D.R. Horton.
DHI D.R. Horton
$33.47

-0.5 (-1.47%)

06/22/17
FBCO
06/22/17
INITIATION
Target $38
FBCO
Outperform
D.R. Horton initiated with an Outperform at Credit Suisse
Credit Suisse analyst Susan Maklari initiated D.R. Horton with an Outperform and a $38 price target saying it is among the best positioned builders under coverage. Maklari said D.R. Horton is well positioned to drive volume growth and control overhead costs, even as they expand. Its core competencies will drive accelerated earnings and and further share gains in entry level housing, combined with cost improvements and reduced SG&A will drive upside potential.
06/21/17
EVER
06/21/17
DOWNGRADE
Target $35
EVER
In Line
D.R. Horton downgraded to In Line from Outperform at Evercore ISI
Evercore ISI analyst Stephen Kim downgraded D.R. Horton to In Line citing valuation and maintained a $35 price target.
05/16/17
MZHO
05/16/17
INITIATION
Target $32
MZHO
Neutral
D.R. Horton initiated with a Neutral at Mizuho
Mizuho analyst Haendel St. Juste initiated D.R. Horton with a Neutral and a $32 price target.

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