“If we acquire builders in the future, it’s going to be around a very low to no premium acquisition. And the only reason to do that is you really accelerate your growth at that stage of the cycle.” —Timothy Eller, Centex Corp.
“I think Pulte would like to be a buyer if acquisition opportunities present themselves. I would say the priority for the near term is to maintain flexibility. I believe there’s a period of uncertainty where it might not be bad to let cash accumulate a little bit—to the extent that we can generate some—to give us an opportunity. Clearly M&A activity is certainly one thing, stock buybacks are another.” —Richard Dugas, Pulte Homes
“We are always looking at acquisitions and other assets to purchase. But, it would be very difficult for us to be buying any asset that we believe would be distressed because it’s really difficult to gauge what the underlying value of the land is going to be three months, six months, or nine months out.” —Donald Tomnitz, D.R. Horton
“You buy companies to buy assets, management, and opportunity. In today’s market, where you can buy the assets cheap enough and where you have internal management that you already know [has] been trained and are available, there’s less of an incentive to buy the company than to go out and buy the individual assets.” —Joel Rassman, Toll Brothers
