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AV Homes faces class-action lawsuit over $963M merger with Taylor Morrison

A class-action lawsuit was filed against AV Homes Inc. alleging violations of federal securities laws related to its proposed sale to fellow homebuilder Taylor Morrison Home Corp. in a cash-and-stock deal valued at about $963 million.

Law firm Bronstein Gewirtz & Grossman LLC disclosed the lawsuit in a July 26 release.

Under the deal terms, AV Homes stockholders may elect to receive $21.50 in cash, 0.9793 share of Taylor Morrison's class A common stock, or a combination of $12.64 in cash and 0.4034 share of Taylor Morrison's class A common stock, subject to an overall proration of about 60% cash and 40% stock.

AV Homes did not respond to a request for comment by press time.