DUBLIN, Ohio, May 30, 2008 (PRIME NEWSWIRE) -- Dominion Homes, Inc. announced that its shareholders voted at a special meeting today to approve the merger agreement providing for the acquisition of Dominion Homes by a buyout group consisting of companies affiliated with Silver Point Capital, L.P., Angelo Gordon & Co, L.P. and the Company's largest shareholder, BRC Properties, Inc., which is controlled by Company Chairman Douglas G. Borror. Of the shares that were voted at the meeting, approximately 91% of those shares voted in favor of the merger agreement. Under the terms of the merger agreement, the Company's shareholders (other than the buyout group) will receive $0.65 in cash for each Company common share that they own immediately prior to the effective date of the merger. As previously disclosed, the parties expect to complete the merger in June.
About Dominion Homes
Dominion Homes builds a variety of new homes and condominiums in Columbus, Ohio and Louisville and Lexington, Kentucky, which are differentiated by a variety of designs, size, price, included features and available options. The company's community development and home building philosophy focuses on providing its customers with unsurpassed location, quality construction, brand name materials and customer service. The company currently has 45 active communities in the Central Ohio and Louisville and Lexington, Kentucky markets. Additional information about the company and its new homes is located on its website at www.dominionhomes.com. "Dominion. It's your home."
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Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, changes in national or local economic conditions, changes in the local or national homebuilding industry, changes in federal lending programs, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in the Company's Annual Report of Form 10-K for the year ended December 31, 2007 and it Quarterly Reports on Form 10-Q for the quarter ended March 31. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.