M&A - CAVCO INDUSTRIES INC.

Form Type: 8-K

Filing Date: 2025-07-14

Corporate Action: Merger

Type: New

Accession Number: 000027816625000105

Filing Summary: On July 14, 2025, Cavco Industries, Inc. entered into a Merger Agreement with Cavco Merger Sub, Inc., American Homestar Corporation, and the Shareholder Representative of American Homestar. The Agreement outlines a merger where Cavco Merger Sub will merge with American Homestar, making it a wholly owned subsidiary of Cavco Industries. The base purchase price for this transaction is set at $190,000,000 in cash, which will be subject to customary adjustments for debt and working capital. Prior to the merger, each share of American Homestar's Class A common stock will be converted into a portion of the base purchase price, with restricted shares vesting fully. Conditions for the merger include the approval from at least 80% of American Homestar’s voting shareholders, satisfaction of antitrust regulations, and absence of material adverse effects on either party's business. The Agreement allows for customary termination rights and specifies a termination fee of $6,000,000 under certain circumstances. The acquisition is expected to close in Cavco's third fiscal quarter of 2026, and further communications will follow, including a scheduled conference call.