Company: CVCO
Filing Date: 2025-07-14
Form Type: 8-K
Source: 0000278166-25-000105
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Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-07-14
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement

On July 14, 2025, Cavco Industries, Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “ Merger Agreement”) with Cavco Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“ Merger Sub”), American Homestar Corporation, a Texas corporation (“American Homestar”), and Craig Reynolds, solely in his capacity as representative of the securityholders of American Homestar (the “Shareholder Representative”). Pursuant to the Merger Agreement, Merger Sub will be merged with and into American Homestar (the “Merger”), with American Homestar surviving the Merger as a wholly owned subsidiary of the Company, in accordance with the terms of the Merger Agreement, the Texas Business Organizations Code, and the General Corporation Law of the State of Delaware. The Merger Agreement was unanimously approved by the Company’s board of directors.

The Merger Agreement provides that at the effective time of the Merger (the “Effective Time”), the Company will acquire American Homestar for a base purchase price of $190,000,000 in cash (the “Base Merger Consideration”), subject to the conditions of the Merger Agreement. At the Effective Time: (i) each share of Class A common stock of American Homestar, par value $0.01 per share (“Common Stock”), issued and outstanding immediately prior to the Effective Time, will be automatically cancelled and converted into the right to receive a portion of the Base Merger Consideration, subject to customary adjustments as outlined in the Merger Agreement; (ii) each restricted share of Common Stock issued and outstanding prior to the Effective Time will vest in full, the restrictions thereon will lapse, and such shares will be treated as Common Stock with the right to receive a portion of the Base Merger Consideration, subject to customary adjustments as outlined in the Merger Agreement; and (iii) each share of Common Stock held in the treasury of American Homestar or any of its subsidiaries immediately prior to the Effective Time will automatically be cancelled and will cease to exist, with no consideration paid in exchange for such shares. The Base Merger Consideration will be subject to customary adjustments, including, among others, adjustments for indebtedness, working capital, and other items as set forth in the Merger Agreement.

The Merger Agreement includes representations, warranties, and covenants of the parties that are customary for a transaction of this