Lyon Homes Founder Raises Bid for Company
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William Lyon, chief executive of William Lyon Homes Inc., raised his offer for the 29% of the company he doesn’t control to $275 million and said a special board committee would urge shareholders to accept it.
The bid of $109 a share is 8.9% more than Friday’s closing price.
Lyon owns 48% of the Newport Beach-based company and his family controls an additional 23% through trusts. He bid $82 a share for the rest of the shares in April 2005, which the board rejected in June. In March he offered $93 a share, and raised the price to $100 in April. “I will not increase the offer price any further,” he said.
Shares of William Lyon rose $8.85 to $108.90.
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