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.
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
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SOURCE Standard Pacific Corp.; The Ryland Group, Inc.