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Article: Cavalier Homes Signs Definitive Agreement to Be Acquired by Southern Energy Homes.
- Article from:
- Business Wire
- Article date:
- June 15, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ADDISON, Ala. -- Cavalier Homes, Inc. (NYSE Amex: CAV) today announced that its Board of Directors has entered into a definitive merger agreement for the Company to be acquired by Addison, Alabama-based Southern Energy Homes, Inc. Terms of the agreement call for the payment of $2.75 cash for each outstanding share of common stock. Southern Energy Homes, Inc., a wholly owned subsidiary of Clayton Homes, is the industry leader in producing top-quality, customizable homes.
"The agreed share price represents a 23% premium over Friday's closing stock price in an all-cash offer to acquire Cavalier Homes," stated Bobby Tesney, Cavalier Homes' Chief Executive Officer. ...
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