Presley Spends $43 Million for Newport Beach Builder

In a deal that bolsters real estate magnate William Lyon’s empire, Presley Cos. purchased home builder William Lyon Homes Inc. for $43 million in cash and the assumption of substantially all of the Newport Beach company’s liabilities. Presley shareholders also approved the merger of the company with a unit that will be the surviving corporation, retaining the Presley name. Presley Chairman William Lyon and his son, William H. Lyon, own William Lyon Homes. The transaction is expected to be completed Thursday. The company’s shares will be listed on the New York Stock Exchange. Presley, which also is based in Newport Beach, originally offered to buy William Lyon Homes for $48 million, plus debt. The agreement called for the Lyons to acquire up to 10.7 million Series A Presley shares. The Lyons later waived the minimum share requirement in their 65 cents-a-share tender offer.