The chairman and chief executive of Newport Beach-based William Lyon Homes Inc. on Monday increased his offer to buy all the shares of the company that he doesn’t already own by 9%.
William Lyon’s latest offer of $109 a share is up from last month’s $100 a share bid to take the company he founded private. Lyon made an original bid of $93 a share in March.
The $109 a share offer values William Lyon Homes at about $940 million.
“I will not increase the offer price any further,” Lyon said in a statement on Monday.
The revised offer is 44% higher than the closing price of William Lyon Homes prior to Lyon’s offer.
Lyon and trusts he controls own about 89% of the company’s shares.
A committee made up of members of the company’s board of directors will recommend that shareholders accept the offer, according to a company statement. Lyon also pushed back the expiration date on the offer until May 12.
Lyon tried unsuccessfully to take the company private last year.
