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Pulte (NYSE: PHM) and Centex (NYSE: CTX) agreed to merge, creating America's largest homebuilding company. CTX shareholders will receive 0.975 PHM common shares for each CTX they own. The combined company will have a market cap of $4.1B with $3.4B in cash on its balance sheet. PHM April option implied volatility is at 93, May is at 97; below its 26-week average of 102, according to Track Data, suggesting decreasing price movement.
Centex April option implied volatility is at 108, May is at 118; near its 26-week average according to Track Data, suggesting non-directional price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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