D.R. Horton, Forestar Announce Final Merger Consideration Election Results

(RTTNews) - D.R. Horton, Inc. (DHI) and Forestar Group Inc. (FOR) announced the final results of the elections made by Forestar stockholders regarding the form of merger consideration they wish to receive in connection with D.R. Horton's pending acquisition of approximately 75% of the currently outstanding shares of Forestar pursuant to that certain merger agreement by and among D.R. Horton, Forestar and Force Merger Sub, Inc.

The cash and stock elections will be subject to proration and adjustment procedures, as set forth in the merger agreement. Subject to those proration and adjustment procedures in the merger agreement, common stockholders of Forestar had the option to elect to receive, for each share of Forestar common stock held, either an amount in cash equal to $17.75 or (ii) one new share of Forestar common stock.

The final election results were Holders of 35.33 million shares of Forestar common stock, or approximately 84.23% of the outstanding shares of Forestar common stock, elected to receive the cash consideration.

Holders of 3.99 million shares of Forestar common stock, or approximately 9.52% of the outstanding shares of Forestar common stock, elected to receive the stock consideration. Holders of 2.62 million shares of Forestar common stock, or approximately 6.25% of the outstanding shares of Forestar common stock, did not make an election.

The parties currently expect to close the merger on October 5, 2017.