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Pulte, Centex set meeting date for shareholder vote on merger
By Jennifer Chiou
New York, July 17 - Pulte Homes, Inc. and Centex Corp. announced that they scheduled their respective special meeting of shareholders for Aug. 18 to vote on the proposed merger.
On May 26, the companies said that the Hart-Scott-Rodino waiting period expired in the proposed merger.
Pulte and Centex previously said they expect to close the deal in the third quarter, subject to approval by their respective shareholders.
"Merger teams from both organizations have been working to ensure that plans are in place for a successful integration," Pulte president and chief executive officer Richard Dugas said in a prior company news release.
"The primary goal of their efforts is capturing the targeted $350 million in synergy savings and related operating goals that make this combination so compelling," Dugas previously added.
Dugas will become chairman, president and CEO of the combined company.
Centex chairman and CEO Timothy Eller will join Pulte's board of directors as vice chairman. Eller will also be a consultant to the company for two years.
Pulte founder William J. Pulte will remain on the board.
Merger details
In April, Pulte and Centex announced they agreed to combine to form America's largest homebuilding company with an enterprise value of $7.2 billion.
Each company's board approved the stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.
As previously reported, Centex shareholders will receive 0.975 shares of Pulte common stock for each share of Centex they own.
Once the transaction is complete, Pulte shareholders will own about 68% of the combined company, and Centex shareholders will own about 32%.
The combined company will operate using the Pulte name and headquarters location in Bloomfield Hills, Mich., while maintaining a "significant presence" in Dallas, where Centex is located.
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