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Taylor Morrison buying AV Homes in $963M deal

Taylor Morrison Home Corp. agreed to acquire AV Homes Inc. in a cash and stock deal valued at about $963 million.

The homebuilder will acquire all the outstanding shares of AV Homes' common stock for about $21.50 apiece.

The deal, slated for completion in the third or fourth quarter, has unanimous approval from the boards of directors of both companies.

More details to follow...