Pulte Homes, Centex combine following receipt of shareholder approval

By Lisa Kerner

Charlotte, N.C., Aug. 18 - Pulte Homes, Inc. and Centex Corp. said they completed their merger after shareholders of both companies "overwhelmingly" approved the deal at separate special meetings on Tuesday.

In April, Pulte and Centex announced they agreed combine to form America's largest homebuilding company with an enterprise value of $7.2 billion.

Centex shareholders will receive 0.975 shares of Pulte stock in exchange for each Centex share they own, a Pulte news release said.

Pulte said its shareholders will own approximately 68% of the combined company, and Centex shareholders will own approximately 32%.

The new company will trade on the New York Stock Exchange under the ticker symbol "PHM," while Centex shares will be delisted.

Pulte will retain its corporate headquarters in Bloomfield Hills, Mich., and maintain a presence in Dallas, where Centex is located.

Richard Dugas Jr., Pulte's chief executive officer, was named chairman, president and CEO of the combined company. Timothy Eller, formerly Centex chairman and CEO, joins the combined company's board of directors as vice chairman.

As a result of the merger, all of the Centex board members resigned and were replaced by Dugas, Roger A. Cregg and Steven M. Cook.

Cregg was named executive vice president and chief financial officer of the combined company, and Cook was appointed as senior vice president and secretary.

Centex officers Eller, Catherine R. Smith, Joseph A. Bosch, Brian J. Woram and Mark D. Kemp also resigned, according to a form 8-K filed with the Securities and Exchange Commission.

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