Homebuilder D.R. Horton Reaches $560M Deal With Austin Developer

Austin-based Forestar Group Inc. said Wednesday it has accepted a nearly $560 million majority acquisition bid from Arlington-based homebuilder D.R. Horton Inc., which in less than a week outbid a rival offer from the Starwood Capital Group.Under the terms of the deal, which is expected to close by the end of this year, D.R. Horton will acquire 75 percent of Forestar's stock at a cash price of $17.75 a share.Forestar will continue to run its residential and mixed-use real estate development operations from Austin, the company said in a news release. It will be led by former D.R. Horton CEO Donald Tomnitz and members of the current Forestar Group management team.  Continue reading...