The chairman and chief executive of Newport Beach-based William Lyon Homes Inc. said on Monday he’s acquired nearly 91% of the homebuilder’s shares in his bid to take the company private.
Gen. William Lyon said he and his family trusts now own 90.6% of the company and plan to force a buyout of the remaining shares under what’s known as a short-form merger.
Lyon offered $109 apiece for shares he didn’t already own. His offer expired today. The company plans to have a final count of shares tendered by Thursday, the company said.
The offer values William Lyon Homes at about $940 million.
Lyon, who owned about 75% of the company before the buyout bid, offered $93 a share for the company in March and later upped it to $100 and then $109.
The executive tried unsuccessfully to take the company private last year, offering $82 a share.
Going private should help William Lyon Homes cut expenses. While only a small amount of the company’s shares have been available for trading, it has been paying the same legal costs and other fees as more widely traded public companies.
Privatizing the company also could speed up a possible succession plan. The general’s son, William H. Lyon, 32, has been taking on more responsibility with an eye to succeeding his father someday, sources said.
The younger Lyon now serves as vice president and chief administrative officer. He’s also a director.
