Tri Pointe Homes Inc. (NYSE:TPH) saw a surge on Friday, reaching a new all-time high. The company is set to be acquired by Sumitomo Forestry for $4.5 billion, with shares jumping to $46.47 before closing at $46.37. The deal values each share at $47, reflecting a 28.5% premium over the previous closing price.

The acquisition will involve a subsidiary of Sumitomo Forestry merging with Tri Pointe Homes, making it a wholly owned subsidiary of Sumitomo Forestry America. The transaction is expected to be completed in the second quarter, pending customary closing conditions and shareholder approval. Tri Pointe CEO Doug Bauer expressed optimism about the deal, citing long-term growth potential and shared objectives.

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Read more at Yahoo Finance: Tri Pointe Homes (TPH) Soars to All-Time High on $4.5-Billion Sumitomo Merger