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EXHIBIT (a)(10)
Monday, November 20, 2000
PRESS RELEASE
TECHNICAL OLYMPIC USA COMPLETES
CASH TENDER OFFER FOR ENGLE HOMES
Athens, Greece and Boca Raton, Fla. - Nov. 20, 2000 - Technical Olympic USA,
Inc. and Engle Homes, Inc. (Nasdaq: ENGL) jointly announced today the expiration
of Technical Olympic USA's previously announced cash tender offer to purchase
all outstanding shares of common stock, par value $0.01 per share, of Engle
Homes, at a price of $19.10 per share, net to the seller in cash, without
interest thereon. The tender offer was made through Technical Olympic USA's
wholly owned subsidiary, Helios Acquisition Corp. Technical Olympic USA is a
wholly owned subsidiary of Technical Olympic S.A., a leading European
construction company with operations in Greece, the United Kingdom, Romania, and
the United States.
The tender offer expired, as scheduled, at 12:00 Midnight, New York City time,
on Friday, November 17, 2000.
As of the expiration of the tender offer, based on information provided by the
depositary for the tender offer, approximately 10,660,000 shares, representing
approximately 98.0% of Engle Homes' issued and outstanding shares of common
stock, were validly tendered and not withdrawn. An additional 112,000 shares of
common stock were tendered pursuant to Notices of Guaranteed Delivery. Pursuant
to the terms of the offer, Technical Olympic USA accepted for payment, and will
promptly pay for, all shares of common stock validly tendered and not withdrawn
in the offer.
Technical Olympic USA will acquire the remaining outstanding shares of Engle
Homes common stock pursuant to a merger of Helios Acquisition Corp. with and
into Engle Homes. As a result of the merger, the remaining outstanding shares of
Engle Homes common stock (except for shares held by Engle Homes, Technical
Olympic USA, Helios Acquisition Corp. or by shareholders exercising dissenters'
rights under Florida law, if available) will be converted into the right to
receive $19.10 in cash, without interest, and Engle Homes will thereby become an
indirect wholly owned subsidiary of Technical Olympic USA.
Engle Homes designs, constructs, markets, and sells detached single-family
residences, townhomes, patio homes, and condominiums, and operates in six states
and nine geographic markets. In addition, Engle Homes operates a mortgage
company that provides mortgages primarily to its homebuyers in all of its
geographic markets and a title company that provides title insurance services to
its homebuyers.
Technical Olympic S.A., a general construction company based in Athens, Greece,
is involved in the construction of a variety of major infrastructure projects
such as
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highways, roads, tunnels, airports, irrigation and land reclamation projects,
marine and harbor works, and industrial, commercial, public and private
buildings in Greece, the United Kingdom and Romania. It also is active in
homebuilding in the United States through its 80% ownership in Newmark Homes
Corp., a publicly-held homebuilder based in Texas.
Contacts:
Technical Olympic USA, Inc.
Tommy McAden, 972/899-8800
[email protected]
or
Engle Homes, Inc.
David Shapiro, 561/391-4012, ext. 123
[email protected]
www.englehomes.com
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