Business & Finance
Business and Finance
Business and Finance
Fri, January 23, 2009
Thu, January 22, 2009 Forestar Receives Unsolicited Letter from Holland Ware
AUSTIN, Texas--([ BUSINESS WIRE ])--Forestar Group Inc. (NYSE: FOR) today said it had received an unsolicited letter from Holland M. Ware in which he stated that he is prepared to make a cash tender offer for any and all shares at $15 per share, under certain conditions, including support of the Board of Directors for the tender offer and mutual agreement on related matters such as board representation and waiver of the Company's Rights Agreement.
The company's Board of Directors will consider the letter in accordance with its fiduciary responsibilities to all shareholders and respond as appropriate in due course.
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures about 368,000 acres of real estate located in ten states and thirteen markets in the U.S. The real estate segment has 26 real estate projects representing over 33,000 acres currently in the entitlement process, and 77 entitled, developed and under development projects in eight states and twelve markets encompassing over 17,000 acres, comprised of almost 30,000 residential lots and over 2,200 commercial acres. The mineral resources segment manages about 622,000 net acres of oil and gas mineral interests. The fiber resources segment sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. The company also has a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. Forestar's address on the World Wide Web is [ www.forestargroup.com ].
Forward-looking Statements
This release contains "forward-looking statements" within the meaning of the federal securities laws. These statements reflect management's current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the availability of loans and fluctuations in the credit markets; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; changes in federal energy policies; demand for oil and gas; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this release.
