Ware reduces interest in Forestar after company rejects buyout offer

By Lisa Kerner

Charlotte, N.C., Feb. 12 - Holland M. Ware cut his stake in Forestar Group Inc. to 1.2%, from 7.4% on Jan. 22, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

Ware sold 1,219,151 shares of Forestar on Feb. 11 for $9.00 each and a total of 970,676 shares between Feb. 4 and Feb. 10 priced from $10.50 to $11.61 per share, the filing said. He now owns 444,230 shares of the company's stock.

On Feb. 11, Forestar rejected Ware's proposal to acquire the company for $15.00 per share.

Ware had conditioned his offer upon board representation and the waiver of Forestar's rights agreement, it was previously reported.

Forestar announced it would pursue its own strategic initiatives to enhance shareholder value. Its initiatives will include the sale of approximately 175,000 acres of HBU timberland to generate cash to repurchase up to 20% of the company's outstanding stock, a company news release said.

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

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