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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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July 2, 1998
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Date of Report (Date of earliest event reported)
THE PRESLEY COMPANIES
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(Exact name of registrant as specified in its charter)
Delaware 0-18001 33-0475923
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification Number)
19 Corporate Plaza, Newport Beach, California 92660
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(Address of principal executive offices) (zip code)
(949) 640-6400
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Registrant's telephone number, including area code
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Items 1-4. Not Applicable.
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Item 5. Other Events.
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On July 2, 1998, The Presley Companies issued a press release, a copy of
which is attached hereto as Exhibit 99 and incorporated herein by reference.
Item 6. Not Applicable.
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Item 7. Exhibits.
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Exhibit 99 Press Release dated July 2, 1998.
Item 8. Not Applicable.
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SIGNATURE
Pursuant to the requirements of Section 13 and 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: July 2, 1998
THE PRESLEY COMPANIES,
a Delaware corporation
By: /s/ David M. Siegel
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Name: David M. Siegel
Title: Senior Vice President,
Chief Financial Officer
and Treasurer
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EXHIBIT INDEX
Exhibit Description
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99 Press Release Dated July 2, 1998.
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EXHIBIT 99
Contact: Investor Relations Media Relations
W. Douglass Harris Stern and Co.
The Presley Companies (310) 442-8414
(949) 640-6400
THE PRESLEY COMPANIES ANNOUNCES THE RECEIPT OF A NON-BINDING
PROPOSAL BY WILLIAM LYON TO ACQUIRE ALL OF ITS OUTSTANDING STOCK
NEWPORT BEACH, CA --- July 2, 1998 --- The Presley Companies (NYSE: PDC)
announced the receipt of a non-binding proposal from William Lyon, Chairman of
the Board of the Company, to acquire (through a wholly-owned corporation,
William Lyon Homes, Inc.), all of the outstanding stock of the Company in a
series of related transactions for a cash price of $0.40 per share. The proposal
was submitted on June 30, 1998, to a Special Committee of the Board of Directors
formed by the Company to evaluate strategic alternatives. The proposal is
conditioned on the negotiation and execution of a definitive agreement,
completion of due diligence, certain amendments of the Company's 12.5% Senior
Notes, and regulatory, stockholder and other approvals, and will be evaluated by
the Special Committee.
Pending financial and legal review of the terms and conditions of the proposal,
the Company will not have any comment nor make any determination on the merits
of the proposal. The proposal, by its terms, will expire on July 31, 1998,
unless accepted prior to that date.
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