Report: Standard Pacific in Running for Shapell HomesFriday, September 6, 2013
Irvine-based Standard Pacific Corp. is said to be one of at least three companies in the running to buy Beverly Hills-based homebuilder Shapell Homes, according to a report in the Wall Street Journal.
Standard Pacific, the largest homebuilder based in Orange County, is among the final bidders for Shapell, along with Horsham, Pa.-based Toll Brothers Inc. and Brookfield Homes Corp. of Fairfax, Va., according to the report.
A purchase price in the $1.5 billion range is reportedly expected for privately-held Shapell. The company is said to own about 5,000 home sites in California, and has a project in the works in Yorba Linda.
Standard Pacific counts a market value of about $2.6 billion, factoring in preferred stock.
Irvine-based TRI Pointe Homes Inc. is also reported to have taken a look at buying Shapell, but is no longer in the running to acquire the company.