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Lennar to buy cross-state rival WCI in $809M deal

Sep 22, 2016 - The Deal Pipeline

Homebuilder Lennar Corp. (LEN) on Thursday said it has a deal in place to acquire cross-state rival WCI Communities Inc. (WCIC) in a $809 million cash, stock and debt deal that would give it a greater share of the high-end market.

Terms of the deal call for Lennar to offer $23.50 in cash and stock for each share of WCI, a premium of about 37% to the target's Wednesday close. The offer values WCI's equity at $643 million, with Lennar also taking on some debt as part of the transaction....