The transaction would be in merger form. It is subject to approval by Newhall Land's unitholders. The company's board of directors has approved the merger and has voted to recommend that the unitholders vote to approve the merger. Lennar and LNR's boards of directors also have approved the deal.
Under the agreement, Newhall Land's unitholders will get $40.50 per partnership unit in cash, which will rise at 5% per annum beginning 270 days from July 21. The total purchase consideration, after payment of employee options, would be about $990 million plus liabilities.
The transaction also is subject to approval by the California Public Utilities Commission.
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