Pulte Homes to acquire Centex

Pulte Homes plans to acquire
Centex in a stock transaction worth $3.1 billion, including $1.8
billion of debt. The acquisition will create the nation’s largest
homebuilding company. After the merger, Pulte shareholders will own 68
percent of the combined company, and Centex shareholders will own 32
percent. The company will use the Pulte name, with Pulte’s current
president and CEO, Richard Dugas, as the chairman, president and CEO of
the combined company, and Centex’s current chairman and CEO, Timothy
Eller, as the vice chairman.