Dominion Homes shareholders say 'yes' to deal with investor group

By Lisa Kerner

Charlotte, N.C., May 30 - Dominion Homes, Inc. shareholders approved the company's buyout by affiliates of Silver Point Capital, LP, Angelo Gordon & Co, LP and Dominion's largest shareholder, BRC Properties, Inc., which is controlled by chairman Douglas G. Borror.

The company said that of the shares that were voted at the meeting, approximately 91% voted in favor of the deal to take Dominion private.

Under the agreement, Dominion shareholders other than the buyout group will receive $0.65 in cash for each Dominion common share they own, a Dominion news release said.

The merger is slated to close in June.

It was already reported that Borror will remain Dominion's chairman of the board of directors and chief executive officer.

On Nov. 30, Dominion announced that it and its lenders began discussing a possible recapitalization or debt reduction transaction in light of its financial condition and the condition of the home building industry, a schedule 13D filed with the Securities and Exchange Commission stated.

Dominion is a Dublin, Ohio-based provider of single-family homes.

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