Tri Pointe Homes

First Trust Capital Management established a new position in Tri Pointe Homes in Q1, acquiring 1,599,172 shares valued at about $65.06 million based on quarterly average pricing; the position’s quarter-end value rose to $74.73 million. The stake represented 3.9% of the fund's reported 13F assets. By the time the filing was public, Sumitomo Forestry had completed a $47-per-share acquisition of Tri Pointe, which entered the deal with solid fundamentals including Q1 delivery of 736 homes, $506.5 million in home sales revenue, nearly $1 billion backlog and $1.7 billion liquidity. The purchase appears driven by a special-situations arbitrage opportunity given the narrowing gap to the agreed takeover price and Tri Pointe's strong balance sheet. » More on finance.yahoo.com

The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the planned merger of Tri Pointe Homes with Sumitomo Forestry has expired, satisfying a key regulatory condition. Shareholders had already approved the transaction; Tri Pointe also reported better-than-expected Q4 results. The company agreed to an amendment to its credit agreement to support the merger, but the final closing remains subject to additional contractual conditions and no specific closing date was given. » More on de.investing.com

Tri Pointe Homes signed a seventh amendment to its credit facility with U.S. Bank and other lenders, which includes consent to the proposed merger with Sumitomo Forestry and Teton NewCo and a waiver of termination rights related to the transaction. The amendment adjusts the definition of a change of control that takes effect on closing of the merger and specifies that Sumitomo must hold more than 50% of the voting power to retain control. Shareholders have already approved the merger; Tri Pointe also reported better‑than‑expected adjusted earnings per share and higher revenue for the fourth quarter. » More on de.investing.com