Pulte, Centex Merger Creates Nation's Largest Homebuilder
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.