Lyon Homes Founder Extends Tender Deadline

The founder and largest stakeholder of William Lyon Homes Inc. said he would extend the deadline for his tender offer to Friday.

William Lyon is offering $100 a share to take the Newport Beach-based builder private. He needs 1.1 million shares to be tendered to succeed in his bid. As of last Friday -- his original deadline -- 967,000 had been tendered.

Lyon, whose firm builds in California, Arizona and Nevada, also waived the condition that 90% of the shares be submitted.

Lyon owns about 48% of the company’s stock and controls about 27% more that belongs to trusts and company officers.

William Lyon Homes shares closed at $100.01, up 1 cent.

Annette Haddad