Standard Pacific Corp. (SPF)

[MCArmel1]

Homebuilders Standard Pacific, Ryland Group agree to merge

Jun 14 2015, 22:24 ET | About: Standard Pacific Corp. (SPF) | By: Carl Surran, SA News Editor

California-based homebuilders Standard Pacific (NYSE:SPF) and Ryland Group (NYSE:RYL) announce a merger agreement that would form a single company that would own or control 74K home sites and have a market cap of $5.2B.
The two companies say they will be building houses in 20 of the top 25 metro areas in the U.S. as a single company, and rank in the top five in market share in 15 of them; they say the merger should result in cost savings of $50M-$70M per year.
SPF CEO Scott Stowell will become executive chairman of the combined company, while RYL CEO Larry Nicholson will be its CEO.

http://seekingalpha.com/news/2579055-homebuilders-standard-pacific-ryland-group-agree-to-merge?uprof=45#email_link