SKHSY Sekisui House Spn Adr (PK)

By Sabela Ojea

Shares of M.D.C. Holdings on Thursday climbed after the company said it is selling itself to Japan's Sekisui House at a premium price.

At 9:47 a.m. ET, shares were up 18% at $62.72. The stock has surged 67% in the past three months.

The Denver-based construction company said Sekisui House is acquiring the group in an all-cash $4.9 billion deal that would make Sekisui the fifth largest housebuilder in the U.S.

Each M.D.C. shareholder would receive $63 per share in cash, representing an about 19% premium to its closing stock price of $53.09 Wednesday.

The acquisition would also help Sekisui House achieve its target of supplying 10,000 homes outside of Japan by fiscal 2025, ahead of initial expectations, Sekisui House's Chief Executive Yoshihiro Nakai said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 18, 2024 10:22 ET (15:22 GMT)

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