Lyon’s Merger Pact With Golden West Operational

Builder William Lyon’s $12.4-million takeover of Golden West Homes, a Santa Ana-based mobile home manufacturing firm, has become effective, Golden West officials said Thursday.

The merger agreement with Golden Acquisition Corp.--an affiliate of Lyon and his Newport Beach-based William Lyon Co.--became official when filed late Wednesday with the California Secretary of State’s office.

The William Lyon Co., a leading Southern California home builder, previously owned 26.9% of Golden West’s common stock. Lyon, a major stockholder and chairman of AirCal, also is Golden West’s chairman.

Under terms of the merger, Golden West Acquisition Corp. will pay $5 a share for all of the firm’s outstanding shares and Golden West becomes a private company. The deal was approved earlier this week when Golden West shareholders approved Lyon’s offer by a bare majority. Only 50.3% of the shares voted and not controlled by Lyon were in support of the deal. Some of the dissenting shareholders have said they will go to court to try to get a price higher than $5 a share for their stock.