NYSE Suspends Trading in William Lyon Homes
Home builder William Lyon Homes said Tuesday that the New York Stock Exchange suspended trading in its common shares, indicating the amount of publicly held stock wasn’t sufficient for NYSE trading.
The NYSE told the company it intended to ask the Securities and Exchange Commission to delist the stock.
William Lyon, chairman of the Newport Beach-based company, said last month that his tender offer for the company’s stock had expired. He paid $109 a share for more than 90% of the shares.
But the remaining stock has continued to trade on the NYSE, reaching $147.15 on Monday. Some analysts have been baffled by the price action. Some suspect that a handful of investors have been holding out, betting that Lyon would pay a higher price for the remaining shares.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
