Blog Exposure – AV Homes Gets Acquired by Taylor Morrison

Stock Monitor: Hovnanian Enterprises Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 11, 2018 / If you want access to our free research report on AV Homes, Inc. (NASDAQ: AVHI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AVHI as the Company’s latest news hit the wire. On June 07, 2018, Taylor Morrison Home Corp. (NYSE: TMHC) declared that it has inked a deal to acquire all of the outstanding shares of AV Homes’ common stock at $21.50 per share in a cash and stock transaction, including outstanding AV Homes debt valued at approximately $963 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Hovnanian Enterprises, Inc. (NYSE: HOV), which also belongs to the Healthcare sector as the Company AV Homes. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=HOV

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, AV Homes most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=AVHI

Acquisition Details

The transaction has been unanimously approved by the Boards of Directors of both Taylor Morrison and AV Homes. TPG Capital, the holder of around 40% of AV Homes’ common stock, has agreed to vote all of its shares of AV Homes common stock in favor of the transaction.
The transaction, likely to close late in Q3 2018 or early in Q4 2018, is subject to customary closing conditions.
As per the deal terms, AV Homes’ stockholders will have the option to receive either $21.50 per common share in cash, 0.9793 shares of Taylor Morrison Class A common stock, or the combination of $12.64 in cash and 0.4034 shares of Taylor Morrison Class A stock subject to an overall proration of approximately 60% cash and 40% stock.
On a pro forma basis, AV Homes stockholders are expected to own up to approximately 10% of the combined Company, subject to conversion mechanics applicable to holders of AV Homes’ convertible notes.

Transaction will Serve as a Means to Further Enhance Taylor Morrison’s Land Pipeline in the Right Locations

Commenting on the announcement, Sheryl Palmer, Chairman and Chief Executive Officer (CEO) of Taylor Morrison, stated that the joining of Taylor Morrison and AV Homes supports its strategic growth priority by bringing the Company deeper into five of its current markets, adding Jacksonville to the portfolio, and further expanding the Company’s offerings in the affordable first-time buyer and active adult consumer segments. Palmer added that this transaction will serve as a means to further enhance Taylor Morrison’s land pipeline in the right locations, potentially offsetting some future land purchases, while simultaneously delivering land to its homebuilding operations with mature communities. The Company also believes the commonalities in product offerings and consumer groups will create opportunities for scale efficiencies and enhance its national footprint, while creating top- and bottom-line performance improvement.

By Combining with Taylor Morrison, AV Homes will Create a Premier Homebuilder in Some of United States’ Highest Growth Areas

Roger A. Cregg, President and CEO of AV Homes, stated that he is pleased with the significant progress AV Homes has made over the last several years executing its growth strategy, including being recognized as the fastest growing public homebuilder in both 2015 and 2016. Cregg added that by combining with Taylor Morrison, one of the country’s finest homebuilders, AV Homes will create a premier homebuilder in some of the country’s highest growth areas and drive accretive returns for its shareholders for years to come.

News report suggests that post announcement of the news, the shares of AV Homes soared in pre-market trade.

About Taylor Morrison Home Corp.

Based in Scottsdale, Arizona, Taylor Morrison is a leading national homebuilder and developer that has been recognized as the 2016, 2017, and 2018 America’s Most Trusted® Home Builder by Lifestory Research. The Company serves a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers.

About AV Homes, Inc.

Formed in 1970 and headquartered in Scottsdale, Arizona, AV Homes is a homebuilder with a long heritage of innovative designs and outstanding craftsmanship. AV Homes’ business focuses on the development and construction of residential communities serving a wide range of consumer segments. The Company has built and closed over 20,000 homes in the United States.

Stock Performance Snapshot

June 08, 2018 – At Friday’s closing bell, AV Homes’ stock climbed 1.18%, ending the trading session at $21.50.

Volume traded for the day: 2.02 million shares, which was above the 3-month average volume of 203.17 thousand shares.

Stock performance in the last month – up 20.45%; previous three-month period – up 17.17%; past twelve-month period – up 30.70%; and year-to-date – up 29.13%

After last Friday’s close, AV Homes’ market cap was at $368.73 million.

The stock is part of the Industrial Goods sector, categorized under the Residential Construction industry. This sector was up 0.4% at the end of the session.

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