Pulte Offers $1.3 Billion For Centex

Centex Corp. (NYSE: CTX) was the target of a $1.3 billion all-stock acquisition offer by Pulte Homes (NYSE: PHM) that would combine the 4th and 3rd largest home builders in the U.S. Shares of Centex soared $1.41 to $9.03 while Pulte Homes stock dropped $1.23 to $9.54.