Horton, Schuler Homes determine payout details

Acquirer D.R. Horton Inc. and Honolulu-based Schuler Homes Inc., who will put their proposed merger to a shareholders' vote Thursday, yesterday announced that the stock portion of the base merger consideration has been determined.

Under terms of the Oct. 22 merger pact, shareholders have the right to elect to receive the combination of cash and stock, or all cash or all stock.

Based on the average closing price of Horton stock of $36.766 for the 15 consecutive trading days ended yesterday, the base merger consideration will consist of a combination of $4.09 in cash and 0.487 shares of Horton stock for each share of Schuler stock. This base merger consideration is payable to Schuler stockholders who do not elect to receive either all cash or all stock.

As a result of the determination of the stock portion of the base merger consideration, the maximum amount of cash per share of Schuler stock to be received by stockholders electing all cash will be $21.955, while the maximum number of shares of Horton stock per share of Schuler stock for those electing all stock will be 0.598 shares.

Since the cash and share totals are linked to the number of Schuler shares outstanding prior to the merger and other factors, these amounts are subject to proration.

Honolulu PR company buys online development firm

Honolulu public relations and marketing consulting firm Communications-Pacific Inc. has acquired Hubris Online.com, an online marketing and Web site development firm. Terms of the acquisition were not disclosed.

Hubris will change its name to CP Interactive and be based at Communications-Pacific's Amfac building headquarters. CP Interactive clients include Armstrong Builders, Haseko (Hawaii), Hawaii Coffee Roasters, Hawaii Technology Trade Association and Honolulu Board of Water Supply.

State mac nut output rises for first time in 3 years

Hawaii's macadamia nut production for the 2001-2002 crop year increased for the first time in three years, according to a report released this week by the Hawaii Agricultural Statistics Service. The reported noted that net production was up from 50 million to 54 million pounds. However prices continued to fall, from 59 cents to 58 cents per pound. The value of the crop increased from $29.5 million to $31.3 million, the first increase in two years

Property owner shuts down Big Island farmers' market

PAHOA >> The popularity of a Puna farmers' market contributed to its closing after parking and traffic grew out of control, the property owner said. Meanwhile, the market's operator, Kuulei Snyder, said she would ask the county for an alternative site to host the market this weekend.

The owner of the property said he decided to close the market after county building inspectors cited a former agricultural building on the property as unsuitable for use because of problems with electrical wiring, plumbing and the structure. Sydney Ross Singer, who calls his property the "Aloha Center," said the 32,500-square foot market which drew more than 130 vendors and thousands of shoppers on Sundays, had "become a Puna phenomenon virtually overnight." Singer said concerns about parking and traffic control contributed to his decision.