Taylor Morrison Home Corp. disclosed termination provisions in connection with its planned buyout of all the outstanding shares of AV Homes Inc. common stock, in a cash-and-stock deal valued at about $963 million.
If the merger agreement is terminated, under certain circumstances, AV Homes will pay about $18.5 million to Taylor Morrison.
However, the termination fee payable by AV Homes will be $10.0 million if the merger agreement is terminated on or before July 22 at 11:59 p.m. ET by either Taylor Morrison or AV Homes under certain situations.
