Tuesday, 23 April 2024

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MDC stockholders greenlight merger with Sekisui House By Investing.com

Benchmark Starts FingerMotion at Buy, Sees 73% Upside

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DENVER – M.D.C. Holdings, Inc. (NYSE: NYSE:), known for its Richmond American Homes (NYSE:) brand, announced today that its stockholders have voted overwhelmingly in favor of a merger with Japan’s Sekisui House, Ltd. The approval was secured during a Special Meeting of Stockholders, where approximately 99.8% of votes were cast in support of the agreement.

Under the terms of the merger, MDC stockholders are set to receive $63.00 per share in cash upon the transaction’s closure, which is anticipated in the second quarter of 2024. This payout is contingent on meeting customary closing conditions before finalization.

The company’s executives, including Founder and Executive Chairman Larry Mizel and President and CEO David Mandarich, expressed gratitude for the stockholders’ support and anticipation for the company’s future as part of Sekisui House. They also acknowledged the dedication of their team members during the transition period.

MDC, founded in 1972, has established itself as a significant player in the U.S. homebuilding sector, aiding over 240,000 homebuyers since 1977. The company’s presence spans across multiple states, offering mortgage lending, insurance, and title services through its subsidiaries.

The final vote results from the Special Meeting will be disclosed in a Current Report on Form 8-K, to be filed with the U.S. Securities and Exchange Commission.

This merger is expected to elevate MDC’s position in the homebuilding industry, as it joins forces with Sekisui House, aiming to become a top five homebuilder in the United States. However, it is important to note that this announcement contains forward-looking statements, and the completion of the merger is subject to various conditions and potential risks outlined in the company’s communications.

The information provided in this article is based on a press release statement from M.D.C. Holdings, Inc.

InvestingPro Insights

In light of M.D.C. Holdings, Inc.’s (NYSE: MDC) recent merger announcement, several metrics from InvestingPro provide a more in-depth look at the company’s financial health and market position. As of the last twelve months ending Q4 2023, MDC’s market capitalization stood at $4.73 billion, reflecting the size and scale of the business in the competitive homebuilding market.

The company’s price-to-earnings (P/E) ratio, a measure of its current share price relative to its per-share earnings, was 11.21, suggesting that investors may find the stock reasonably valued compared…

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