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DHI

D.R. Horton

, FOR

Forestar Group

09:13
06/23/17
06/23
09:13
06/23/17
09:13

D.R. Horton confirms increased offer to acquire 75% of Forestar

D.R. Horton (DHI) announced an increased offer to acquire 75% of the currently outstanding shares of Forestar Group (FOR) for $17.75 per share in cash. In a press release earlier, the Forestar board of directors said it had deemed the D.R. Horton offer a "Superior Proposal" to the amended agreement between Forestar and Starwood Capital Group. Donald Horton, chairman of the board, said, "We are pleased that the Forestar Board has determined that our revised offer constitutes a 'Superior Proposal,' and we look forward to completing this transaction as quickly as possible in the best interests of the Forestar and D.R. Horton shareholders. This transaction advances D.R. Horton's strategy of increasing our access to high-quality optioned land and lot positions and will allow us to significantly accelerate Forestar's growth into a leading national land developer. Forestar's shareholders will receive superior and immediate cash value, along with the opportunity to participate in significant value creation over the long term. This strategic alignment will enable both companies to enhance their operational efficiency and returns."

DHI

D.R. Horton

FOR

Forestar Group

DHI D.R. Horton

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.
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.
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.
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.
FOR Forestar Group

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