Monthly Archives: May 2016

Lennar to move forward

When WCI Communities, a “lifestyle community developer and luxury homebuilder” headquartered in Florida, announced last month that it agreed to a “definitive merger agreement” with fellow homebuilder Lennar for $643 million, the company said that its board was going to take a 35-day “go shop” period to seek a better deal.

Now, the 35-day “go shop” period is over and the merger with Lennar is moving forward, but it’s not a done deal yet.

WCI announced Thursday that its board actively solicited alternative acquisition proposals throughout the go-shop period, but did not receive “any superior proposals” to top the Lennar deal during those 35 days.

In the deal, Lennar agreed to acquire all of the outstanding shares of WCI common stock in a cash and stock transaction, which values WCI at $23.50 per share.

That price is based on a 37% premium above where WCI closed on Sept. 21, 2016.

The deal values WCI at approximately $643 million in equity, or an enterprise value of $809 million, the company said.

In the end, WCI’s board didn’t find a better deal. WCI’s board of directors unanimously approved the merger agreement with Lennar, and now the deal moves forward, with a caveat.

WCI is now subject to customary “no shop” provisions that limit the company’s ability to solicit alternative acquisition proposals from third parties or to provide confidential information to third parties, which basically means that WCI cannot actively pursue a better offer, but if one comes along, its board can consider it.

The “no shop” provision is subject to customary “fiduciary out” provisions, which again basically means that if WCI gets a better offer, it can take it.

According to WCI, it will file proxy materials with the Securities and Exchange Commission related to a special meeting of WCI’s common stockholders to vote on the merger agreement.

The company said that anticipates that the special meeting will be held in December 2016 or January 2017. The company said that if the merger agreement is approved, the merger would be expected to close shortly thereafter.

If the merger is completed, the transaction would include a portfolio of owned or controlled land totaling approximately 14,200 home sites, located in most of coastal Florida’s “highest growth and largest markets,” WCI said.

According to data provided by WCI, the company completed 1,118 homes with an average sales price of $444,000 during the 12 months ended June 30, 2016.

WCI is more than just a homebuilding business. The company also operates a real estate brokerage, title and lifestyles amenities businesses, all of which would be included in the Lennar deal.

“Our agreement with Lennar testifies to the legacy and quality of our brand, the attractiveness of our homes and communities, and the talent of our team members,” Keith Bass, president and CEO of WCI, said in September when the deal was announced.

Top spots with the most haunted house

It’s the season for boots, pumpkin pie, caramel apples and maybe even haunted houses. In these 10 cities, however, passing by haunted houses becomes just a little too real.

Across the U.S., over 40,000 single-family homes are vacant and have a homeowner who is now deceased, according to an ATTOM Data Solutions analysis of public record data.

Here are the top 10 zip codes with the most haunted houses, or homes that are left vacant after the homeowner passes away. One city stands out above the rest.

10. Youngstown, Ohio

In the zip code 44506, one in every 83 homes is “haunted.”

In one home in the city, the Punderson Manor, in the dining room in the late 1970’s, people claim that for a period of approximately three hours late one night, the ghost of a man who appeared to be a lumberjack seemed to hang from the rafters.

9. Gary, Indiana

In the zip code 46404, one in every 81 homes is “haunted.”

Are homes here really haunted? That’s hard to say, but we do know that the city is currently ranked fourth in homicide rates, and it was once ranked first.

8. Birmingham, Alabama

In the zip code 35207, one in every 81 homes is “haunted.”

One of the most haunted places in Alabama is in Birmingham’s Sloss Furnaces, [pictured below] which has many reports of paranormal activity over the years

7. Jackson, Mississippi

In the zip code 39203, one in every 74 homes is “haunted.”

At the Old Capitol building in Jackson legend claims that the office of a man who reportedly died at his desk is haunted by his ghost.

6. Detroit, Michigan

In the zip code 48217, one in every 71 homes is “haunted.”

In Detroit, the Masonic Temple seems to be haunted. When the founder’s wife left him over money problems Mr. Mason jumped to his death from the temple. Security guards claim they still see sightings of Mr. Mason and visitors often report an eerie feeling of being watched.

5. Mobile, Alabama

In the zip code 36610, one in every 69 homes is “haunted.”

Two separate homes in the city were joined together in the mid-1800s to form an inn. Since then, the apparition of a lady in white has been seen pacing the balcony of Room #007, as well as chandeliers swinging when no one is around, furniture getting moved around and lamps being unplugged.

4. Braddock, Pennsylvania

In the zip code 15104, one in every 57 homes is “haunted.”

This desolate town [pictured below] lost 90% of its peak population, and looks like the nightmare at the end of the American Dream, according to an article by Jim Straub and Bret Liebendorfer for Monthly Review.

3. Duquesne, Pennsylvania

In the zip code 15110, one in every 56 homes is “haunted.”

After the city took over Fisher Hall, formerly the Fisher Scientific building, it did major renovations, except on the second floor. After that, several mysterious happenings led the staff to believe the floor was haunted.