WESTLAKE VILLAGE,
Calif. and IRVINE, Calif.,
Aug. 3, 2015 /PRNewswire/ -- The
Ryland Group, Inc. (NYSE: RYL) and Standard Pacific Corp. (NYSE:
SPF) today jointly announced CalAtlantic Group, Inc. as the name of
the company that will be formed when their previously announced
merger is complete. The proposed merger, which was announced on
June 14, is subject to approval by
the stockholders of the Company and Ryland and other customary
closing conditions, and is expected to close in early fall 2015. In
addition to the name CalAtlantic Group, Inc., the combined company
will be identified to consumers as CalAtlantic Homes, CalAtlantic
Mortgage, CalAtlantic Title and CalAtlantic Insurance. The
new company will be traded on the New York Stock Exchange under the
ticker symbol CAA.
"A new name reflects a new chapter in the history of our two
iconic homebuilding companies. The CalAtlantic Homes name
points to the breadth of the new company's footprint expanding from
coast to coast and all points in between," said Ryland President and Chief Executive Officer
Larry Nicholson. "With similar
cultures and long histories of crafting quality homes and providing
superior customer service, we share a nearly 100-year combined
legacy of excellence."
"The launch of the new CalAtlantic Homes name is a defining
moment as we look forward with anticipation to what our combined
organization can achieve as America's fourth largest homebuilder,"
said Standard Pacific President and Chief Executive Officer
Scott Stowell. "We are excited to
become one as CalAtlantic Homes in the hearts and minds of our
important stakeholders, including our customers, employees and
investors."
About Ryland Homes
Headquartered in Southern
California, Ryland (NYSE: RYL) is one of the nation's
largest homebuilders and a leading mortgage-finance company. Since
its founding in 1967, Ryland has built more than 315,000 homes and
financed more than 260,000 mortgages. Ryland currently
operates in 17 states across the country. For more information,
please visit www.ryland.com.
About Standard Pacific
Standard Pacific (NYSE: SPF) has been building beautiful,
high-quality homes and neighborhoods since its founding in
Southern California in 1965.
With a trusted reputation for quality craftsmanship, an
outstanding customer experience and exceptional architectural
design, Standard Pacific utilizes its decades of land acquisition,
development and homebuilding expertise to successfully navigate
today's complex landscape to acquire and build desirable
communities in locations that meet the high expectations of the
company's targeted move-up homebuyers. Currently offering new
homes in major metropolitan areas in Arizona, California, Colorado, Florida, North
Carolina, South Carolina,
and Texas, we invite you to learn
more about us by visiting www.standardpacifichomes.com.
Forward Looking Statements
This news release contains forward-looking statements.
These statements include but are not limited to statements
regarding the expected timing for closing of the merger, the
potential achievements of the combined company, and our
stakeholders reception of the new name. Forward-looking
statements are based on our current expectations or beliefs
regarding future events or circumstances, and you should not place
undue reliance on these statements. Such statements involve
known and unknown risks, uncertainties, assumptions and other
factors many of which are out of Standard Pacific's and Ryland's
control and difficult to forecast that may cause actual results to
differ materially from those that may be described or
implied. Such factors include but are not limited to:
Standard Pacific and Ryland may be unable to obtain stockholder
approval as required for the merger; conditions to the closing of
the merger may not be satisfied or waived; the transaction may
involve unexpected costs, liabilities or delays; Standard Pacific's
and Ryland's business may suffer as a result of the uncertainty
surrounding the transaction; the outcome of any legal proceeding
relating to the transaction; Standard Pacific and Ryland may be
adversely affected by other economic, business and/or competitive
factors; the occurrence of any event, change or other circumstances
that could give rise to the termination of the merger agreement;
the ability of the surviving corporation to recognize benefits of
the transaction; risks that the transaction disrupts current plans
and operations and the potential difficulties faced by the
surviving corporation in employee retention as a result of the
transaction; other risks to consummation of the transaction,
including the risk that the transaction will not be consummated
within the expected time period or at all; and other risks
discussed in Standard Pacific's and Ryland's filings with the
Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended Dec. 31,
2014 and subsequent Quarterly Reports on Form 10-Q for each
of Standard Pacific and Ryland. Standard Pacific and Ryland
assume no, and hereby disclaim any, obligation to update any of the
foregoing or any other forward-looking statements. Standard
Pacific and Ryland nonetheless reserve the right to make such
updates from time to time by press release, periodic report or
other method of public disclosure without the need for specific
reference to this press release. No such update shall be
deemed to indicate that other statements not addressed by such
update remain correct or create an obligation to provide any other
updates.
Additional Information
In connection with the proposed transaction, Standard Pacific
and Ryland will be filing documents with the SEC, including the
filing by Standard Pacific of a registration statement on Form S-4,
and Standard Pacific and Ryland intend to mail a joint proxy
statement regarding the proposed merger to their respective
stockholders that will also constitute a prospectus of Standard
Pacific. Before making any voting or investment decision,
investors are urged to read the joint proxy statement/prospectus
when it becomes available because it will contain important
information about the proposed transaction. You may obtain
copies of all documents filed with the SEC regarding this
transaction, free of charge, at the SEC's website (www.sec.gov), by
accessing Standard Pacific's website at
www.standardpacifichomes.com under the heading "Investor Relations"
and then under the link "SEC Filings" and from Standard Pacific by
directing a request to Standard Pacific Corp., 15360 Barranca
Parkway, Irvine, California 92618,
Attention: Secretary, and by accessing Ryland's website at
www.ryland.com under the heading "Investors" and then under the
link "SEC Filings" and from Ryland by directing a request to The
Ryland Group, Inc., 3011 Townsgate Rd., Ste. 200, Westlake Village, California 91361,
Attention: Investor Relations.
Standard Pacific and Ryland and their respective directors and
executive officers and certain other members of management and
employees may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. You can find
information about Standard Pacific's directors and executive
officers in its definitive proxy statement filed with the SEC on
April 24, 2015. You can find
information about Ryland's directors and executive officers in its
definitive proxy statement filed with the SEC on March 13, 2015. Other information regarding
the participants in the proxy solicitation and a description of
their direct and indirect interests, by security holding or
otherwise, will be contained in the joint proxy
statement/prospectus and other relevant materials to be filed with
the SEC when they become available. You can obtain free
copies of these documents from Standard Pacific and Ryland using
the contact information above.
No Offer or Solicitation
The information in this communication is for informational
purposes only and is neither an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to or in connection with the proposed
transactions or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
Media Contact: Danielle Tocco
Director of Communications
Standard Pacific Homes (O)949.789.1633 / (C)714.296.0451
dtocco@stanpac.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ryland-and-standard-pacific-to-become-calatlantic-group-inc-following-merger-300122123.html
SOURCE Standard Pacific Corp.; The Ryland Group, Inc.