PICO HOLDINGS: Century Offers $11.35 for UCP; Bidding Begins
Homebuilder Century Communities, Inc., is offering $11.35 per share to purchase UCP. The activist bloggers at http://www.ReformPICONow.com provide details. "Century offers UCP shareowners $5.32 in cash and 0.2309 shares of Century Communities for each UCP share owned. The deal is worth about $11.35 per UCP share, depending on Century's stock price. Tangible book value of UCP is about $12.13 per share; the discount is about 5%.
Both the UCP and Century Boards have approved the deal. Both Boards will recommend it to their shareowners. PICO Holdings, majority owner of UCP, has entered into a Voting Agreement, whereby it will vote its roughly 57% stake in favor of the transaction.