trending Market Intelligence /marketintelligence/en/news-insights/trending/XRFymXs9JF531MJFcQlyWQ2 content esgSubNav
In This List

Forestar to review D.R. Horton's unsolicited 75% stake bid


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Forestar to review D.R. Horton's unsolicited 75% stake bid

Forestar Group Inc. acknowledged the receipt of an unsolicited cash bid from D.R. Horton Inc. to buy 75% of its outstanding common shares for $16.25 per share.

The residential and mixed-use real estate developer said its board will review the nonbinding proposal promptly and carefully to identify the best course of action. It is not making any recommendation regarding D.R. Horton's offer and it is not guaranteed whether the proposal will result in a definitive deal, according to a release.

Forestar noted that it stands behind its recommendation to shareholders that they vote in favor of the company's roughly $605 million merger deal with Starwood Capital Group. Under that deal, Starwood agreed to buy all of Forestar's outstanding common shares for $14.25 per share in cash.

JMP Securities LLC is Forestar's financial adviser, while Skadden Arps Slate Meagher & Flom LLP is its legal adviser.