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Pulte, Centex shareholders to decide merger at meetings in August
By Lisa Kerner
Charlotte, N.C., July 20 - Shareholders of Pulte Homes, Inc. and Centex Corp. will vote on a merger of the two companies at separate special meetings on Aug. 18.
Pulte said its shareholders will vote at 10 a.m. ET in Pontiac, Mich. Centex shareholders will vote at noon ET in Dallas.
The record date for both meetings is July 10, the companies said.
In April, Pulte and Centex agreed 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.
Centex shareholders will receive 0.975 shares of Pulte common stock for each share of Centex they own.
Pulte is expected to issue approximately 128.1 million shares of Pulte common stock to Centex stockholders.
Centex and Pulte announced previously that they expected to close the deal in the third quarter.
The combined company will operate using the Pulte name and headquarters location in Bloomfield Hills, Mich., and will maintain a presence in Dallas, where Centex is located.
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