AV Homes Inc. (AVHI), a developer and builder of active adult and conventional home communities in Arizona and Florida, announced that TPG, global private investment firm, has agreed to make a $135 million investment in the Company at a price of $14.65 per share, which represents a 9.6% premium to the 30-day trailing average closing price of AV Homes' common stock.
AV Homes said it will use the proceeds to accelerate the implementation of its strategic growth plan in its existing and new high-potential housing markets. In addition the Company has adopted a shareholder rights plan effective today designed to protect its net operating loss assets from the application of Section 382 of the Internal Revenue Code.
AV Homes currently operates in the Phoenix, Arizona and Central and South Florida markets. The company's primary operations are focused on the development of active adult communities designed for people 55+ through its Vitalia brand, and serving the housing needs of first-time and move-up homebuyers through its Joseph Carl Homes brand.
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