TMHC stock should trade near the deal price of $72.50 with a narrow merger-arb spread reflecting time to close and regulatory risk. Monitor HSR clearance progress and the special meeting date. The deal carries low financing risk given Berkshire's cash resources. Any widening of the spread may present an arbitrage entry opportunity if deal-breaker risks appear manageable.
Price Chart
Executive Summary
Berkshire Hathaway's $72.50/share all-cash acquisition of Taylor Morrison (TMHC) is proceeding to a stockholder vote. The preliminary proxy confirms unanimous board approval, fairness opinions from Goldman Sachs and Moelis, and a $221.6M termination fee (3.25% of equity). The merger is expected to close in H2 2026, subject to stockholder approval and HSR antitrust clearance. This filing formalizes the shareholder solicitation process.
Key Financial Metrics
Key Facts
- Berkshire Hathaway to acquire TMHC for $72.50 per share in all cash
- Premium of ~24% over TMHC's $58.50 close on May 29, 2026
- Transaction valued at approximately $6.87 billion in equity
- Unanimous board recommendation; both Goldman Sachs and Moelis issued fairness opinions
- No financing condition — Berkshire to fund from existing cash resources
- Stockholder approval requires majority of outstanding shares; meeting to be held virtually
- Termination fee of $221,622,677 payable by TMHC under certain circumstances
- Expected closing in second half of 2026
Financial Impact
$72.50 per share cash consideration (~24% premium over $58.50 pre-announcement close); aggregate equity value ~$6.87 billion based on 91.99M shares outstanding
Risk Factors
- Stockholder vote failure (unlikely given major institutional holders)
- HSR regulatory delay or challenge
- Adverse market conditions delaying closing beyond H2 2026
- Termination fee of $221.6M could discourage competing bids
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| PREM14A Filing (Primary) | 0001193125-26-269722 |
| Document: d57916dexfilingfees.htm | 0001193125-26-269722 |
| Document: 0001193125-26-269722-index-headers.html | 0001193125-26-269722 |
| Document: 0001193125-26-269722-index.html | 0001193125-26-269722 |
| Document: 0001193125-26-269722.txt | 0001193125-26-269722 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 15-12G | — | awaiting T+5 | — | — |
Jul 24, 2026 10w ago | 8-K | $72.45 awaiting T+5 | awaiting T+5 | — | — |
Jul 24, 2026 10w ago | 25-NSE | $72.45 awaiting T+5 | awaiting T+5 | — | — |
Jul 18, 2026 10w ago | Institutional Cluster | $72.44 $72.45 | ▼ −0.01% | ▼ −0.44% | — |
Jul 7, 2026 12w ago | 8-K | $71.77 $71.94 | ▲ +0.24% | ▼ −0.31% | — |
Jun 23, 2026 14w ago | DEFM14A | $71.93 $71.73 | ▼ −0.28% | ▼ −1.99% | — |
Jun 12, 2026 15w ago | PREM14A | $71.95 $71.60 | ▼ −0.49% | ▲ +0.90% | — |
Jun 12, 2026 15w ago | DEFA14A | $71.95 $71.60 | ▼ −0.49% | ▲ +0.90% | — |
Jun 5, 2026 17w ago | DEFA14A | $71.53 $71.90 | ▲ +0.52% | ▼ −0.05% | — |
Jun 5, 2026 17w ago | DEFA14A | $71.53 $71.90 | ▲ +0.52% | ▼ −0.05% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access