Forestar Group investor expresses interest in buying company, reports 7.4% stake

By Lisa Kerner

Charlotte, N.C., Jan. 22 - Forestar Group, Inc. investor Holland M. Ware, in an unsolicited letter to the company, said he is prepared to make a $15-per-share cash tender offer for any and all of Forestar's shares.

The company's board of directors is reviewing the offer and will respond "in due course," Forestar said.

According to Forestar, the offer has several conditions including board representation and the waiver of Forestar's rights agreement.

Ware reported beneficial ownership of 2,634,057 shares, or 7.4%, of the company's outstanding common stock in a schedule 13D/A filed with the Securities and Exchange Commission on Thursday.

Forestar is based in Austin, Texas, and operates in three business segments: real estate, mineral resources and fiber resources.

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