Forestar Group Inc. (NYSE: FOR), a majority-owned subsidiary of D.R. Horton, announced today that it is offering to sell 5,250,000 shares of its common stock in an underwritten public offering.
As part of this offering, Forestar intends to grant the underwriters a 30-day option to purchase up to an additional 787,500 shares of its common stock. The offering is subject to market conditions
Citigroup and J.P. Morgan are joint book-running managers and representatives of the underwriters for this proposed offering. Mizuho Securities and TD Securities are also acting as joint book-running managers for the proposed offering.
All of the shares to be sold in the offering are being sold by Forestar, with the proceeds to be used for general corporate purposes, including to fund land acquisition and development activities.
