Pulte Homes and Centex Corp. have taken the next step toward their pending merger, setting a meeting time for stockholders to approve the proposed deal that would convert Centex stock into Pulte stock and change Pulte's name to PulteGroup and mailing out proxies to stockholders of both companies.

At 10 a.m. Aug. 18 in Pontiac, Mich., Pulte shareholders are invited to show up at the Auburn Hills Marriott to cast their votes.

Then at 11 a.m. Central, Centex shareholders are invited to show up at the company's Dallas office to do the same.

But they'll be voting on different things.

The Pulte shareholders are being asked to approve four proposals: the issuance of new Pulte stock to be given to Centex stockholders in exchange for their Centex stock; changing the name of the company from Pulte Homes to PulteGroup; increasing the amount of common stock Pulte is authorized to issue from 400 million to 500 million shares; and voting to adjourn the meeting to solicit more proxies if there aren't enough votes cast in favor of the first and second proposals.

The Centex agenda is simpler: Those stockholders will vote on the merger plan itself, which would subsume Centex into the new PulteGroup; the approval to vote to adjourn the meeting to solicit more proxies if there aren't enough votes cast in favor of the merger; and to transact any other business that might come up that day.

Under the proposed terms of the merger, Pulte expects to issue about 128.1 million shares of Pulte common stock to Centex stockholders, based on the Centex shares and equity award outstanding July 10. Immediately after the merger, current Centex shareholders are expected to own approximately 32.1% of Pulte's common stock, and Pulte shareholders will have 67.8%.