Real Estate M&A » By The Online Investor Staff, updated Fri., Apr. 26, 5:55 PM
Recent mergers and acquisitions in the Real Estate M&A category.
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Slide #85. Forestar — Credo Petroleum
Acquirer:
Forestar (NYSE:FOR)
Acquiree:
Credo Petroleum
Details:
Forestar Group Inc. announced the completion of its acquisition of CREDO Petroleum Corporation or approximately $146 million in cash, excluding closing costs. The company funded the purchase with borrowings under its senior credit facility and available cash.
Forestar Group is a residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders. Co. conducts a range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots. Co. primarily invests in entitled short-duration projects that can be developed in phases enabling it to complete and sell lots at a pace that matches market demand. Co. has expanded its lot development operations across various markets in several states by investing available capital into its existing markets and by entering new markets.
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Avg. Broker Rec.
 
|
Buy (3.33 out of 4) 48th percentile
(ranked lower than approx. 52% of all stocks covered)
Analysts' Target Price: FOR Stock Forecast Based on Zacks ABR data; powered by Xignite |
