Dominion Buyout Approved

At a special shareholders meeting for Dominion Homes earlier today, a merger agreement was approved that allows a buyout group to acquire the financially troubled home builder.

The buyout group consists of companies affiliated with Silver Point Capital, L.P.; Angelo Gordon & Co, L.P.; and the builder’s largest shareholder, BRC Properties Inc., which is controlled by company chairman Douglas G. Borror.

Roughly 91% of the shares voted were in favor of the merger, sealing the approval for an expected closing in June.