Pulte, Centex shareholders OK deal

Pulte Homes Inc. says shareholders for the homebuilder and rival Centex Corp. each voted to clear Pulte's takeover of Centex, creating the largest homebuilder in the United States.

Richard Dugas Jr., chief executive of Bloomfield Hills, Mich.-based Pulte, which also has operations in Hoffman Estates, said Tuesday the companies' shareholders approved the deal by a margin of more than 90 percent. The deal is expected to close by the end of the day.

Under the terms of the deal, investors in Dallas-based Centex will receive 0.975 shares of Pulte common stock for each Centex share they own.

The acquisition is valued at around $1.53 billion based on Pulte's stock price Tuesday afternoon.