TMHC · Taylor Morrison Home Corporation

On May 31, 2026, Taylor Morrison Home Corporation (NYSE: TMHC) entered into a definitive Agreement and Plan of Merger with Berkshire Hathaway Inc. and its wholly owned subsidiary, WXYZ Merger Sub, Inc. Under the terms, Merger Sub will merge with and into Taylor Morrison, with Taylor Morrison continuing as the surviving corporation and a wholly owned subsidiary of Berkshire Hathaway. Each outstanding share of Taylor Morrison common stock (subject to limited exceptions) will be converted into the right to receive $72.50 per share in cash, representing a 24% premium to the May 29, 2026 closing price of $58.50. The total equity value is approximately $6.8 billion, with a total enterprise value of approximately $8.5 billion.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Taylor Morrison stockholders and receipt of required regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Upon completion, Taylor Morrison will become a private company and its common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934. Taylor Morrison's existing management team, including Chairman and CEO Sheryl Palmer, will continue to lead the company. The Board of Directors of Taylor Morrison has unanimously approved the merger and recommends that stockholders vote in favor of adopting the agreement.

The merger agreement includes customary representations, warranties, and covenants, including a 'no shop' provision that restricts Taylor Morrison from soliciting alternative acquisition proposals, subject to fiduciary out provisions allowing the Board to consider superior proposals. If the agreement is terminated under certain circumstances, including to accept a superior proposal or upon a change of recommendation by the Board, Taylor Morrison will be required to pay a termination fee of $221,622,677. The agreement may also be terminated by either party if the merger is not consummated within nine months of the date of the agreement.