Levy Acquisition is wholly owned by Richard D. Levy, Harry A. Levy, Mark A. Levy, family members and related entities. The three Levys, who serve as directors and officers of Levy Acquisition Co., will be directors and senior executive officers of the merged company.
Levy Acquisition Co. executives plan to get financing to buy all the outstanding shares of common stock they don't own. The Levy Group owns 60.1% of class A common stock and 24.5% of class B common stock.
Oriole Homes can terminate the merger, in which case it would pay Levy Acquisition Co. up to $350,000 of its reasonable merger-related expenses and a $500,000 termination fee.
Oriole Homes Corp.'s board of directors has approved the merger. However, it still needs approval by holders of a majority of the outstanding shares of each class of common stock.
Oriole Homes Corp. designs, builds and sells townhouses, villas, condominiums, duplexes, single-family homes and patio homes in Palm Beach, Broward, Lee, Marion and Osceola counties in Florida.
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