William Lyon on Monday upped the ante in his attempt to buy the rest of the Newport Beach-based homebuilder that he doesn’t already own.
The latest offer for William Lyon Homes Inc. is $100 per share, up 7.5% from last month’s $93. The new offer values the homebuilding company at $865 million.
Shares were up 3% on the news to the offer price of $100.
Lyon, the company’s 83-year-old chairman, chief executive and dominant owner, said a special committee of the board is recommending that stockholders sell at the $100 per share offer.
The amended offer is good through April 21.
The revised offer price represents a premium of 32% over the closing price of William Lyon Homes’ common stock on March 16, the last trading day before the retired general began his latest attempt to take his namesake company private.
Lyon already controls about 75% of the company’s shares. The company’s board rejected an $82 per share bid a year ago. A counteroffer was not made at that time.
