Deals
Front Yard Plunges as Virus Claims $2.3 Billion Housing Deal
- Turmoil surrounding pandemic led to collaspe of transaction
- Single-family landlord had agreed to be acquired in February
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Amherst Holdings terminated its $2.3 billion deal to buy Front Yard Residential, sending shares of the single-family rental sliding the most in more than a year.
Amherst, which agreed to acquire Front Yard in February, will pay a $25 million termination fee and purchase shares of Front Yard common stock at an aggregate price of $55 million, according to a statement on Monday.