The stakes are rising in Gen. William Lyon’s bid to take Newport Beach-based William Lyon Homes Inc. private.
Three lawsuits have been filed to block the sale at Lyon’s $82 per share offering price. And the stock has surged in trading since he announced his intentions on Tuesday.
Three law firms have announced separate class action suits against Lyon, saying his offering price is too low. The firms, all based in New York, are Sarraf Gentile LLP, Wolf Popper LLP and The Brualdi Law Firm.
Shares of homebuilder William Lyon Homes rose to $89 in early trading Friday, up 19% from Tuesday’s closing price of about $75. In the past year, the stock peaked at $94.
Lyon controls, either directly or through trusts, about 72% of the company. He’s chairman and chief executive.
The company has indefinitely postponed its shareholder meeting previously set for May 9.
