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Standard Pacific Corp. and The Ryland Group, Inc. Announce Merger of Equals Creating America's Fourth Largest Homebuilding Company

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Standard Pacific Corp. (NYSE: SPF) and The Ryland Group, Inc. (NYSE: RYL) today jointly announced that their respective boards of directors have unanimously approved a definitive merger agreement pursuant to which Standard Pacific and Ryland will combine in a merger of equals to create a single company that would have an equity market capitalization of approximately $5.2 billion, an enterprise value of approximately $8.2 billion, and would own or control approximately 74,000 homesites.  In the 12 months ended March 31, 2015, the pro forma combined company delivered more than 12,600 homes in the aggregate with combined pro forma revenues of $5.1 billion. 

The exchange ratio was established based on the 28 day volume weighted trading price of each company's common stock for the period commencing May 5, 2015 and ending June 12, 2015.  At the time of the merger, Standard Pacific will implement a 1 for 5 reverse stock split, so that each 5 shares of Standard Pacific common stock will be combined into 1 share of Standard Pacific common stock.  After giving effect

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