A major merger in the home-building industry has been approved by shareholders of Pulte Homes and Centex Corp., the companies have announced.
Pulte Homes and Centex received votes representing more than 80% and 72%, respectively, of shares outstanding, with more than 99% of these votes in support of the transaction.
Under terms of the merger agreement, Pulte Homes will acquire all outstanding shares of common stock of Centex in a stock-for-stock transaction. The new company, with 2008 pro forma closings of 39,000 homes and revenues of $11.6 billion, will continue to trade on the New York Stock Exchange under Pulte Homes' ticker symbol, "PHM."
‘Having already invested thousands of hours in planning, we can begin integration of our organizations immediately and start capturing the cost savings and business benefits that make this merger so compelling, says Richard Dugas, the new chair, president and CEO of the combined organization.
The company will operate more than 900 communities across 29 states and the District of Columbia, and will serve all major customer segments through its family of brands that includes Pulte Homes, Centex and Del Webb, a Pulte press statement says.
SOURCE: Pulte Homes