Standard Pacific Deal Set for Completion

Standard Pacific Corp. said Wednesday that it expects to complete its $26.7-million acquisition of a Colorado company on Friday under a stock swap or cash-out option.

The Irvine home builder said in a press release that, under a conversion formula, each share of its stock would be worth a little more than four shares of Writer Corp.

Writer shareholders can accept either stock or cash in an exchange ratio of 0.2481 of a Standard Pacific share for each Writer share. Should the deal fail to close on Friday, the conversion formula could change, Standard Pacific said.

Shares of Standard Pacific, which earned $67.6 million on $1.2 billion in sales for its last fiscal year, dipped 6 cents to close Wednesday at $15.19 each. Stock in Writers, which earned $3.7 million on sales of $82 million for its last fiscal year, remained unchanged at $3.50 a share in over-the-counter trading.