M.D.C. Shares Climb on Sale Agreement With Japan's Sekisui House
January 18 2024 - 9:37AM
Dow Jones News
By Sabela Ojea
Shares of M.D.C. Holdings on Thursday climbed after the company
said it is selling itself to Japan's Sekisui House at a premium
price.
At 9:47 a.m. ET, shares were up 18% at $62.72. The stock has
surged 67% in the past three months.
The Denver-based construction company said Sekisui House is
acquiring the group in an all-cash $4.9 billion deal that would
make Sekisui the fifth largest housebuilder in the U.S.
Each M.D.C. shareholder would receive $63 per share in cash,
representing an about 19% premium to its closing stock price of
$53.09 Wednesday.
The acquisition would also help Sekisui House achieve its target
of supplying 10,000 homes outside of Japan by fiscal 2025, ahead of
initial expectations, Sekisui House's Chief Executive Yoshihiro
Nakai said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 18, 2024 10:22 ET (15:22 GMT)
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