Michigan-based Pulte Homes and Dallas-based Centex Corp. shareholders recently approved merging the companies. Pulte will acquire all outstanding shares of common stock of Centex in a stock-for-stock transaction.
Centex shareholders receive .975 shares of Pulte stock in exchange for each Centex share. Based on the exchange rate, Pulte shareholders own approximately 68% of the combined company. Centex shareholders own the rest.
The new company, with 2008 pro forma closings of 39,000 homes and revenues of $11.6 billion, will operate more than 900 communities across 29 states and the District of Columbia. .
Pulte Homes will retain its corporate headquarters in Bloomfield Hills, Mich.