By Patrick O’Grady | Phoenix Business Journal
Scottsdale-based Taylor Morrison (NYSE: TMHC) will become the fifth-largest homebuilder in the U.S. if the deal is consummated. It will also allow the company to enter into new markets in Washington, Oregon and Nevada.
Boards of both companies agreed to the deal that will see Taylor Morrison pay $2.50 per share and 0.8 shares of Taylor Morrisson stock for all outstanding shares of William Lyon (NYSE: WLH), which is based in Newport Beach, California. The deal would value William Lyon’s stock at $21.45 per share.