AV Homes: AV Homes Announces Election Deadline for AV Homes Stockholders to Elect Merger Consideration and Expected Closing Date

SCOTTSDALE, Ariz., Sept. 19, 2018 (GLOBE NEWSWIRE) -- AV Homes, Inc. (NASDAQ:AVHI) ("AV Homes") announced today that the election deadline by which AV Homes stockholders may elect the form of merger consideration they wish to receive in connection with the pending merger between AV Homes and a subsidiary of Taylor Morrison Home Corporation ("Taylor Morrison") will be 5:00 p.m. Eastern Time on September 27, 2018. Pursuant to the merger agreement between AV Homes and Taylor Morrison (the "Merger Agreement"), AV Homes stockholders may elect to receive consideration per share of common stock of AV Homes consisting of (i) $21.50 in cash, without interest (subject to the proration procedures described in the proxy statement/prospectus dated August 27, 2018), (ii) 0.9793 validly issued, fully paid and nonassessable shares of Taylor Morrison Class A common stock (subject to the proration procedures described in the proxy statement/prospectus dated August 27, 2018) or (iii) a combination of $12.64 in cash, without interest, and 0.4034 validly issued, fully paid and nonassessable shares of Taylor Morrison Class A common stock. AV Homes and Taylor Morrison anticipate that the merger will close on October 2, 2018, subject to the satisfaction of customary closing conditions including adoption of the Merger Agreement by AV Homes stockholders.AV Homes stockholders wishing to make an election must deliver to Computershare Trust Company, N.A. ("Computershare") a properly completed election form and any other applicable election materials by the election deadline of 5:00 p.m. Eastern Time on September 27, 2018. AV Homes stockholders that hold their shares through a bank, broker or other nominee may be subject to an earlier deadline for making their elections, based on the instructions of their banks, brokers or other nominees.Each AV Homes stockholder will receive cash in lieu of any fractional shares of Taylor Morrison Class A common stock that the stockholder otherwise would be entitled to receive. Each AV Homes stockholder that does not submit properly completed election materials to Computershare, or revokes an election, by the election deadline will be treated as having elected to receive a combination of $12.64 in cash, without interest, and 0.4034 validly issued, fully paid and nonassessable shares of Taylor Morrison Class A common stock per share of common stock of AV Homes.All of the documents necessary to make an election were previously mailed on or about August 27, 2018 to AV Homes stockholders of record as of August 24, 2018. AV Homes record stockholders with questions regarding the election process should contact Georgeson LLC, the information agent for the election, at (800) 891-3214 as soon as possible. AV Homes stockholders holding shares of AV Homes common stock in "street name" should contact their bank, broker or other nominee with questions regarding the election process.A more detailed description of the merger consideration and the proration procedures applicable to elections is contained in the proxy statement / prospectus dated August 27, 2018. AV Homes stockholders are urged to read the proxy statement / prospectus carefully and in its entirety.AdvisorsCitigroup Global Markets, Inc. served as the financial advisor to Taylor Morrison and Paul, Weiss, Rifkind, Wharton & Garrison ...Full story available on Benzinga.com