BLOOMFIELD HILLS, Mich. (AP) - Pulte Homes Inc. said late Monday Chairman William J. Pulte has filed with the Securities and Exchange Commission to sell up to 3.8 million shares, or 9 percent of his personal stake in the homebuilder, through a prepaid variable forward contract.
The contract allows the chairman to receive cash now, while also having the right to maintain ownership of the stock at the end of the contract's one-year term by settling it with cash. He may also keep an interest in a possible increase in the shares' value over the next year.
The company said Pulte is selling the shares to provide liquidity for non-company transactions involving friends and family. Pulte Homes currently has about 252.5 million shares outstanding.
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