D.R. Horton Reiterates Proposal To Buy 75% Of Forestar Stock For $16.25/shr

(RTTNews) - D.R. Horton Inc. (DHI) said that it believes its proposal to acquire 75% of Forestar (FOR) for $16.25 per share in cash and to grow Forestar into a leading publicly-traded national land developer will provide Forestar shareholders with greater overall value than the amended agreement between Forestar and Starwood Capital Group.

Donald R. Horton, Chairman of the Board, said, "We are confident that our proposal is superior to the amended agreement with Starwood and remain fully committed to closing a Forestar transaction in the best interests of both companies' shareholders. ... We urge the Forestar Board to formally declare our proposal to be a 'Superior Proposal,' and to proceed to a definitive agreement with D.R. Horton and postpone the shareholder meeting scheduled for July 7, 2017."