William Lyon CEO Wins Bid to Take Over Firm

The chief executive of Newport Beach-based home builder William Lyon Homes Inc. on Monday said his buyout offer was successful.

William Lyon said his $109-a-share offer, made May 1, gave him at least a 90.6% stake in the company. That was enough to complete a takeover, Lyon said.

Lyon, who has said he plans to take the company private, said shareholders could tender their shares at $109 until midnight New York time Wednesday. A final count of those tendered will be available Thursday.

Lyon owns 48% of the company and his family controls an additional 23% through trusts. He first offered to buy the company for $82 a share in April 2005, which the board rejected in June. He subsequently raised the offer three times.

Shares of William Lyon rose 22 cents to $109 on Monday. They’ve risen 45% since Lyon’s first offer April 26, 2005, compared with the 26% advance in the Russell 2,000 index during the same period.

William Lyon Homes designs, builds and sells single-family homes in California, Arizona, New Mexico and Nevada.