D.R. Horton Inc. and Forestar Group Inc. announced the closing of D.R. Horton’s previously announced acquisition of approximately 75% of the currently outstanding shares of Forestar for $17.75 per share in cash pursuant to a merger of a wholly owned subsidiary of D.R. Horton with and into Forestar. Pursuant to the terms of the merger agreement signed on June 29, 2017, each of the existing members of Forestar’s board of directors resigned, with the exception of M. Ashton Hudson. Effective as of the closing of the transaction, Forestar’s board of directors consists of five directors, including Mr. Hudson, and the following four new directors: Donald J. Tomnitz, former CEO of D.R. Horton, who will serve as executive chairman of Forestar; Samuel R. Fuller; G.F. (Rick) Ringler, III; and Donald C. Spitzer.