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Strategies & Market Trends : Three Amigos Stock Thread
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To: Sergio H who wrote (2082)3/23/1998 8:07:00 PM
From: LTK007  Read Replies (1) of 29382
 
Here are the terms of the agreement as published,if you can figure
it out,your more patient than I--max90
<<<<<<Under the terms of the merger agreement, the ratio of the number of
Horton shares to be exchanged for Continental shares in the proposed
merger will be determined pursuant to a floating exchange ratio. The final
exchange ratio will be determined based on the average of Horton's
closing stock price for 15 randomly selected trading days within the 30
consecutive trading days ending five days prior to the closing date. The
floating exchange ratio operates as follows:

Horton Below $14.50- $16.88- $18.79- Above

Share $14.50 $16.87 $18.78 $19.78 $19.79

Price

Exchange

Ratio* 2.759 2.759-2.370 2.370 2.370-2.250 2.250

Implied Below $40.00 $40.00 $40.00-$44.50 $44.50 Above $44.50

Purchase

Price

(*) Represents the number of Horton shares issued for each share of

Continental

The merger has been structured as a tax-free transaction and will be
treated as a pooling of interests for accounting purposes. Based upon the
closing stock price of D . R . Horton , Inc. on December 18, 1997, the
exchange ratio for the transaction would be 2.312, and implies a
purchase price per share of $44.50. The merger is subject to the
approval of stockholders of both companies, various pre-merger
regulatory approvals, and other customary closing conditions and is
expected to close late in the first calendar quarter of 1998. >>>>> taken from press release,Max
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