Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Monday, June 12, 2017
Forestar reverses course, warms up to D.R. Horton's $520M takeover bid
That means Forestar's directors can enter negotiations with D.R. Horton and provide the Fort Worth-based homebuilder with confidential financial information — and that, unlike the deal with Starwood, would allow Austin to retain one of its 36 public companies.
Forestar (NYSE: FOR) owns about 50 residential and mixed-use projects over 4,600 acres in 10 states. It has spent the past couple of years shedding unprofitable divisions, laying off large numbers of employees and simplifying its real estate business
With a lack of large-scale, well-capitalized land developers, the would-be deal would help D.R. Horton and other builders put more single-family homes on the ground in the United States, said a source close to the deal.
"Forester could become what is really missing out there in the marketplace," the source told the Dallas Business Journal."The developer could use this platform to grow and leverage D.R. Horton's resources.
"D.R. Horton would be able to bring land development deals to Forestar to acquire and develop deals to sell back to D.R. Horton and other builders," the source added. "They are the first builder to really embrace this philosophy."
Starwood, a Connecticut-based investment firm, entered into an agreement to buy Forestar on April 13 for $14.25 per share, or about $605 million.