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Standard Pacific Corp. Announces Preliminary Discussions with TOUSA, Inc.
Posted by: gurufocus (IP Logged)
Date: December 19, 2008 04:01PM

Press Release: Standard Pacific Corp. Announces Preliminary Discussions with TOUSA, Inc. STANDARD PACIFIC CORP. operates primarily as a geographically diversified builder of medium-priced single-family homes with a majority of its operations in California. In addition Co. assists homebuyers in obtaining financing for home purchases through Standard Pacific Savings. Co. is also engaged in the manufacture and marketing of moveable and acoustical office partitions and office furniture. Standard Pacific Corp. has a market cap of $202.06 million; its shares were traded at around $1.98 with and P/S ratio of 0.07.

More on SPF: Gurus buys and sells of SPF 10-year financial history of SPF. Insider buys/sells of SPF.

Press Release:

IRVINE, Calif., Dec. 19 /PRNewswire-FirstCall/ -- While it is the policyof Standard Pacific Corp. (NYSE: SPF) not to comment on market rumors orspeculation, the Company has decided to issue the following statement:

"Although the homebuilding industry is experiencing challenges at thistime, we believe that there may be attractive land and corporate opportunitiesworth considering. We continuously review acquisition and other strategicopportunities which could enhance value for our stockholders. To this end,the Company is engaged in preliminary discussions and the exchange ofinformation with TOUSA, Inc. regarding a possible transaction. There can be noassurances that any transaction will occur, or as to the timing, structure orterms of any transaction. That said, the Company does not anticipate havingany further comment unless and until a definitive agreement for a transactionis reached."

Standard Pacific Corp., one of the nation's largest homebuilders, hasbuilt homes for more than 103,000 families during its 42-year history. TheCompany constructs homes within a wide range of price and size targeting abroad range of homebuyers. Standard Pacific operates in many of the largesthousing markets in the country with operations in major metropolitan areas inCalifornia, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. TheCompany provides mortgage financing and title services to its homebuyersthrough its subsidiaries and joint ventures, Standard Pacific Mortgage, Inc.,SPH Home Mortgage and SPH Title. For more information about the Company andits new home developments, please visit our website at::f522:http://www.standardpacifichomes.com:/f522:.

This news release contains forward-looking statements. These statementsinclude but are not limited to statements regarding: our consideration ofpotential acquisitions and other strategic opportunities, including apotential transaction with TOUSA, Inc. There can be no assurances that anytransaction will occur, or as to the timing, structure or terms of anytransaction. Forward-looking statements are based on our current expectationsor beliefs regarding future events or circumstances, and you should not placeundue reliance on these statements. Such statements involve known and unknownrisks, uncertainties, assumptions and other factors many of which are out ofthe Company's control and difficult to forecast that may cause actual resultsto differ materially from those that may be described or implied.

Contact:
     Andrew H. Parnes, Executive Vice President-Finance & CFO (949) 789-1616,
     aparnes@stanpac.com or Lloyd H. McKibbin, Senior Vice President &
     Treasurer (949) 789-1603, lmckibbin@stanpac.com.

     Press Inquiries: Joele Frank or Andrea Priest, Joele Frank, Wilkinson
     Brimmer Katcher
     (212) 355-4449

Source: PRNewsWire

More on SPF: Gurus buys and sells of SPF 10-year financial history of SPF. Insider buys/sells of SPF.



Stocks Discussed: SPF, TOA,
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