Lyons Complete Buy of Presley Shares
Real estate developer William Lyon and his son, William H. Lyon, said Monday they completed their tender offer for Presley Cos., acquiring 5.7 million shares of the Newport Beach home builder for $3.7 million, or 65 cents per share. The purchase has given the Lyons an additional 11% of Presley’s outstanding shares.
The Lyons initially had offered to acquire up to 10.7 million Presley shares. The elder Lyon is chairman of Newport Beach-based Presley and William Lyon Homes.
Last week, as part of the complex transaction to combine the companies, Presley bought William Lyon Homes for $43 million in cash and the assumption of substantially all of the Lyon Homes’ liabilities. Presley’s stock closed unchanged Monday at 81 cents a share on the New York Stock Exchange.
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