Forestar Group Inc. (“Forestar” or the “Company”) (NYSE: FOR) today
announced that its Board of Directors has approved the termination of
its Shareholder Rights Plan adopted in December 2007, advancing its
expiration date from December 11, 2017 to March 13, 2015. Effective at
5:00 p.m. Eastern Time on March 13, 2015, the Shareholder Rights Plan
and the associated rights will expire and will be of no further force or
effect. Forestar shareholders do not have to take any action as a result
of this termination.
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate,
oil and gas and other natural resources. At year-end 2014, the real
estate segment owns directly or through ventures almost 113,000 acres of
real estate located in ten states and 13 markets in the U.S. The real
estate segment has 11 real estate projects representing over 24,400
acres currently in the entitlement process. In addition, the real estate
segment includes 75 entitled, developed and under development projects
in eight states and 13 markets encompassing over 11,200 acres, comprised
of over 18,300 planned residential lots and almost 2,000 commercial
acres. The oil and gas segment includes approximately 960,000 net acres
of oil and gas mineral interests, with approximately 590,000 acres of
fee ownership located principally in Texas, Louisiana, Georgia, and
Alabama and 370,000 net acres of leasehold interests principally located
in Nebraska, Oklahoma, Kansas, Texas and North Dakota. These leasehold
interests include over 9,000 net mineral acres in the core of the
prolific Bakken and Three Forks formations. The other natural resources
segment includes sale of wood fiber and management of our recreational
leases, and approximately 1.5 million acres of groundwater resources,
including a 45% nonparticipating royalty interest in groundwater
produced or withdrawn for commercial purposes from approximately 1.4
million acres in Texas, Louisiana, Georgia and Alabama and about 20,000
acres of groundwater leases in central Texas. Forestar’s address on the
World Wide Web is www.forestargroup.com.
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of
the federal securities laws. Forward-looking statements are typically
identified by words or phrases such as “will,” “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,”
and other words and terms of similar meaning. These statements reflect
management’s current views with respect to future events and are subject
to risk and uncertainties. We note that a variety of factors and
uncertainties could cause our actual results to differ significantly
from the results discussed in the forward-looking statements, including
but are not limited to: general economic, market, or business
conditions; changes in commodity prices; opportunities (or lack thereof)
that may be presented to us and that we may pursue; fluctuations in
costs and expenses including development costs; demand for new housing,
including impacts from mortgage credit rates or availability; lengthy
and uncertain entitlement processes; cyclicality of our businesses;
accuracy of accounting assumptions; competitive actions by other
companies; changes in laws or regulations; and other factors, many of
which are beyond our control. Except as required by law, we expressly
disclaim any obligation to publicly revise any forward-looking
statements contained in this news release to reflect the occurrence of
events after the date of this news release.
Copyright Business Wire 2015