Key Developments: Cavco Industries Inc (CVCO.OQ)

Cavco Industries Inc Announces Stock Purchase Agreement
Friday, 14 Jun 2013 05:32pm EDT 

Cavco Industries Inc announced that it entered into an agreement to acquire full ownership of Fleetwood Homes, Inc., the parent company of Fleetwood Homes, Palm Harbor Homes, CountryPlace Mortgage, and Standard Casualty business units. Cavco currently owns 50% of Fleetwood Homes, Inc. and the acquisition will complete the purchase of the other 50% ownership of Fleetwood Homes, Inc. currently held by Third Avenue Value Fund and an affiliate. Cavco will issue shares of its common stock to Third Avenue and its affiliate for consideration for the shares of Fleetwood Homes, Inc. that they own. This transaction is consistent with the original intention of the Company and Third Avenue at the outset of their partnership in forming Fleetwood Homes, Inc. in 2009. Although certain buyout terms were included in the shareholders' agreement between the parties, this transaction was successfully separately negotiated approximately one year earlier than the buyout provisions in the shareholders' agreement were to become effective.  Full Article