William Lyon Homes Settlement Is Approved
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Home builder William Lyon Homes Inc. won a judge’s approval to settle a lawsuit filed by shareholders challenging the fairness of a takeover of the company by its chief executive.
William Lyon, who with his family owned about 71% of the Newport Beach-based company, offered $93 a share, or $421 million, in March. After outside shareholders sued, Lyon raised the offer to $100 a share in April and $109 in May, and the case was settled. The purchase was completed July 25.
“I think $109 is not only a good result, it’s an amazing result,” shareholder lawyer Carl L. Stine said at a hearing in Wilmington, Del.
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