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A.V. Homes announces $135M equity investment by TPG

AV Homes announced that TPG has agreed to make a $135 million investment in the company at a price of $14.65 per share, which represents a 9.6% premium to the 30-day trailing average closing price of AV Homes' common stock. AV Homes will use the proceeds to accelerate the implementation of its strategic growth plan in its existing and new high-potential housing markets. In addition the company has adopted a shareholder rights plan effective today designed to protect its net operating loss assets from the application of Section 382 of the Internal Revenue Code.