Pulte Homes (PHM) and Centex (CTX) Shareholders Overwhelmingly Approve Merger

August 18, 2009 2:26 PM EDT

Pulte Homes (NYSE: PHM) and Centex Corporation (NYSE: CTX) announced that, at a special meeting of shareholders held today by each company, shareholders overwhelmingly approved the merger of Pulte Homes and Centex. Pulte Homes and Centex received votes representing more than 80% and 72%, respectively, of shares outstanding, with more than 99% of these voted in support of the transaction.

Under terms of the merger agreement, Pulte Homes will acquire all outstanding shares of common stock of Centex Corporation in a stock-for-stock transaction. Centex shareholders receive .975 shares of Pulte Homes stock in exchange for each Centex share they own. Based on the exchange rate, Pulte shareholders own approximately 68% of the combined company, and Centex shareholders own approximately 32%.

The new Company, with 2008 pro forma closings of 39,000 homes and revenues of $11.6 billion, will continue to trade on the NYSE under the ticker symbol "PHM." The Company will operate more than 900 communities across 29 states and the District of Columbia, and will serve all major customer segments through its family of brands that includes Pulte Homes, Centex and Del Webb.

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