June 23, 2017 / 12:42 PM / 5 months ago

BRIEF-Forestar says unsolicited proposal from D.R. Horton constitutes “superior proposal”

June 23 (Reuters) - Forestar Group Inc

* Forestar board of directors determines unsolicited proposal from d.r. Horton constitutes a “superior proposal”

* Forestar group inc - forestar enters into second amendment to merger agreement with starwood

* Forestar group inc - entered second amendment to its merger agreement with starwood to increase merger consideration to $16.00 per share in cash

* Forestar group inc - d.r. Horton would acquire 75% of outstanding shares of forestar common stock for $17.75 per share in cash

* Forestar group - received a revised binding proposal from d.r. Horton, to acquire 75% of outstanding shares of co’s common stock for $17.75 per share in cash

* Forestar group inc - under revised proposal, forestar and d.r. Horton would enter into a master supply agreement

* Forestar group inc - other than increase in merger consideration all other terms and conditions in starwood merger agreement remain unchanged

* Forestar group inc - master supply agreement establishes a strategic relationship between forestar, d.r. Horton for supply of developed lots

* Forestar - in accordance with amended merger agreement with starwood, forestar to discuss and negotiate with starwood june 28 Source text for Eikon: Further company coverage:

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