Forestar Group Inc. shareholders overwhelmingly approved the company's proposed merger with D.R. Horton Inc.
At Forestar's Oct. 3 special shareholder meeting, 31,963,244 common shares were voted in favor of the proposed merger, making up about 76.2% of the outstanding shares as of the record date and about 98.3% of the shares present in person or by proxy at the meeting. Under the merger deal, D.R. Horton would acquire about 75% of Forestar's outstanding shares.
The parties expect to complete the merger Oct. 5, subject to customary conditions.