KAUFMAN AND BROAD AWARDED RIGHT TO BID FOR J.M. PETERS
KAUFMAN AND BROAD AWARDED RIGHT TO BID FOR J.M. PETERS LOS ANGELES, March 4 /PRNewswire/ -- Kaufman and Broad Home Corp.
(NYSE: KBH) today announced it has been selected by the Resolution Trust Corp. as the lead bidder in the in the possible acquisition of Newport Beach-based J.M. Peters Co. Inc. (AMEX: JMP). The RTC is the receiver for San Jacinto Savings and Loan, the majority stockholder of J.M. Peters.
The designation gives Kaufman and Broad the exclusive right to negotiate with the RTC for the acquisition. Kaufman and Broad is one of several bidders expressing interest in J.M. Peters, which was founded in 1975 and builds single-family homes in Southern California. Kaufman and Broad said that a number of conditions, including structural issues, must be resolved. The anticipated purchase price is believed by the company's management to be at a discount from book value. No other details were announced. Los Angeles-based Kaufman and Broad is the largest producer of single-family housing in California and the largest builder in metropolitan Paris, where the company develops commercial office properties and a variety of residential investment properties in addition to single-family homes. -0- 3/4/92 /CONTACT: Bernard Sandalow of Kaufman and Broad, 310-443-8040/ (KBH JMP) CO: Kaufman & Broad; J.M. Peters Co. Inc. ST: California IN: CST SU:
AL-KJ -- LA037 -- 5176 03/04/92 18:08 EST
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|Date:||Mar 4, 1992|
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