By John McManus | Builder
Now comes the interesting part.
Lennar CEO Stuart Miller and president Rick Beckwit broached the idea of a strategic combination with CalAtlantic’s biggest shareholder MatlinPatter Global Advisors ceo David Matlin in New York on the first day of summer last year.
It would be past the first day of Fall in 2017, after several proposals, a lot of tepid posturing and coy shows of interest from executives and board members of CalAtlantic, before an earnest negotiation began. And it would take most of the month of October–proposals and counterproposals flashing back and forth between the New York offices of Lennar’s Citi representatives and CalAtlantic’s J.P. Morgan bankers–to arrive at a definitive merger agreement on Oct. 29th, that led eventually to yesterday’s closing announcement.