4 Directors at Lyon Homes Quit Over Bid

Four directors at William Lyon Homes resigned from the company’s board because of disagreements with its chairman surrounding his failed buyout offer for the Newport Beach-based home builder, the company said Friday.

The four directors, among other things, took issue with statements by Chairman William Lyon that a special board committee reviewing the offer had restricted the company’s investment banking firm “from engaging in any meaningful dialogue” on the bid, the company said.

In response, the company quoted William Lyon as saying he did not mean to imply that the committee “did not act in good faith.”

The chairman offered $82 a share April 26, but the home builder’s stock immediately soared above his offering price. On June 20, the special committee rejected the offer as inadequate. The chairman subsequently withdrew his bid.

The resigning directors are James Dalton, William McFarland, Michael Meyer and Randolph Westerfield, the company said.