[8-K] Cavco Industries Inc. Reports Material Event

Q: How much cash will BDX receive from the transaction?

SpinCo will distribute approximately $4 billion to BDX at closing, subject to working-capital and debt adjustments.

Q: What ownership percentage of Waters will BDX shareholders hold after the merger?

Former BD shareholders will collectively own 39.2 % of Waters’ common stock on a fully diluted basis.

Q: Is there a termination fee if the merger is not completed?

Yes. Waters must pay $733 million to BD under specified termination scenarios.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Becton, Dickinson and Company (BDX) has signed definitive agreements to execute a tax-efficient Reverse Morris Trust with Waters Corporation that will divest BD’s Biosciences and Diagnostic Solutions business. The multi-step transaction involves: (1) the separation of the business into Augusta SpinCo, (2) a $4 billion cash distribution from SpinCo to BD, (3) a pro-rata spin-off of SpinCo shares to BD shareholders, and (4) the merger of SpinCo into a Waters subsidiary, after which BD shareholders will own 39.2 % of Waters’ diluted common stock.

The boards of both companies have unanimously approved the deal. To preserve tax-free status, the exchange ratio can be adjusted so BD holders own at least 50.5 % of Waters for tax purposes; any upward adjustment would lower the cash distribution or trigger a pre-closing dividend by Waters. SpinCo has secured committed bridge financing to ensure the $4 billion payment.

Strategic implications for BD:

Immediate balance-sheet enhancement via non-dilutive cash proceeds that can be used for debt reduction, share repurchases or reinvestment.
Simplifies BD’s portfolio, sharpening focus on its core Medical and Interventional segments.
Continued upside through a significant equity stake in an enlarged Waters, allowing investors to participate in anticipated synergies.

Key terms & protections:

Waters must pay a $733 million termination fee under certain scenarios.
Customary covenants, antitrust clearances and IRS tax ruling are required for closing; outside date is 13 July 2026.
Post-merger Waters board will expand to 11-12 directors, including up to two selected by BD.

Risks: transaction complexity, regulatory approvals, financing execution, and potential dilution adjustments. Failure to close would forfeit strategic benefits and could incur costs.

Becton, Dickinson and Company (BDX) ha firmato accordi definitivi per realizzare una Reverse Morris Trust fiscalmente efficiente con Waters Corporation, che porterà alla cessione del business Biosciences and Diagnostic Solutions di BD. La transazione, articolata in più fasi, prevede: (1) la separazione del business in Augusta SpinCo, (2) una distribuzione in contanti di 4 miliardi di dollari da SpinCo a BD, (3) uno spin-off pro-rata delle azioni SpinCo agli azionisti di BD e (4) la fusione di SpinCo in una controllata di Waters, dopo la quale gli azionisti BD deterranno il 39,2% del capitale sociale diluito di Waters.

I consigli di amministrazione di entrambe le società hanno approvato all’unanimità l’operazione. Per mantenere lo status fiscale esentasse, il rapporto di scambio potrà essere adeguato affinché i detentori BD possiedano almeno il 50,5% di Waters a fini fiscali; qualsiasi aumento ridurrebbe la distribuzione in contanti o comporterebbe un dividendo pre-chiusura da parte di Waters. SpinCo ha ottenuto un finanziamento ponte impegnato per garantire il pagamento dei 4 miliardi di dollari.

Implicazioni strategiche per BD:

Immediato miglioramento del bilancio grazie a proventi in contanti non diluitivi, utilizzabili per riduzione del debito, riacquisto di azioni o reinvestimenti.
Semplificazione del portafoglio di BD, con maggiore focalizzazione sui segmenti core Medical e Interventional.
Potenziale crescita futura tramite una significativa partecipazione azionaria in Waters ampliata, permettendo agli investitori di beneficiare delle sinergie previste.

Termini chiave e garanzie:

Waters dovrà pagare una penale di 733 milioni di dollari in caso di determinate circostanze di recesso.
Per la chiusura sono necessari consueti accordi, autorizzazioni antitrust e un parere fiscale dell’IRS; la data limite è il 13 luglio 2026.
Il consiglio di amministrazione di Waters post-fusione sarà ampliato a 11-12 membri, inclusi fino a due nominati da BD.

Rischi: complessità della transazione, approvazioni regolamentari, esecuzione del finanziamento e possibili aggiustamenti di diluizione. Il mancato completamento comporterebbe la perdita dei benefici strategici e potenziali costi.

Becton, Dickinson and Company (BDX) ha firmado acuerdos definitivos para llevar a cabo una Reverse Morris Trust fiscalmente eficiente con Waters Corporation, que implicará la venta del negocio de Biosciences and Diagnostic Solutions de BD. La transacción, que consta de varios pasos, incluye: (1) la separación del negocio en Augusta SpinCo, (2) una distribución en efectivo de 4 mil millones de dólares de SpinCo a BD, (3) una escisión prorrateada de las acciones de SpinCo a los accionistas de BD, y (4) la fusión de SpinCo con una subsidiaria de Waters, tras lo cual los accionistas de BD poseerán el 39,2% del capital social diluido de Waters.

Los consejos de administración de ambas compañías aprobaron la operación por unanimidad. Para preservar el estatus fiscal libre de impuestos, la proporción de intercambio puede ajustarse para que los accionistas de BD posean al menos el 50,5% de Waters a efectos fiscales; cualquier ajuste al alza reduciría la distribución en efectivo o provocaría un dividendo previo al cierre por parte de Waters. SpinCo ha asegurado financiación puente comprometida para garantizar el pago de los 4 mil millones de dólares.

Implicaciones estratégicas para BD:

Mejora inmediata del balance mediante ingresos en efectivo no dilutivos que pueden usarse para reducir deuda, recompras de acciones o reinversión.
Simplificación del portafolio de BD, enfocándose en sus segmentos principales Médico e Intervencional.
Potencial de crecimiento continuo a través de una participación accionaria significativa en una Waters ampliada, permitiendo a los inversores beneficiarse de las sinergias anticipadas.

Términos clave y protecciones:

Waters deberá pagar una penalización de 733 millones de dólares bajo ciertos escenarios.
Para el cierre se requieren convenios habituales, aprobaciones antimonopolio y una resolución fiscal del IRS; la fecha límite es el 13 de julio de 2026.
El consejo de administración de Waters tras la fusión se ampliará a 11-12 miembros, incluyendo hasta dos seleccionados por BD.

Riesgos: complejidad de la transacción, aprobaciones regulatorias, ejecución del financiamiento y posibles ajustes por dilución. El incumplimiento del cierre implicaría perder beneficios estratégicos y podría generar costos.

Becton, Dickinson and Company (BDX) a signé des accords définitifs pour réaliser une Reverse Morris Trust fiscalement avantageuse avec Waters Corporation, qui entraînera la cession de l’activité Biosciences and Diagnostic Solutions de BD. La transaction en plusieurs étapes comprend : (1) la séparation de l’activité en Augusta SpinCo, (2) une distribution en espèces de 4 milliards de dollars de SpinCo à BD, (3) une distribution proportionnelle des actions SpinCo aux actionnaires de BD, et (4) la fusion de SpinCo avec une filiale de Waters, après quoi les actionnaires de BD détiendront 39,2 % du capital social dilué de Waters.

Les conseils d’administration des deux sociétés ont approuvé l’opération à l’unanimité. Pour préserver le statut fiscal exonéré, le ratio d’échange peut être ajusté afin que les détenteurs BD possèdent au moins 50,5 % de Waters à des fins fiscales ; tout ajustement à la hausse réduirait la distribution en espèces ou entraînerait un dividende pré-clôture de Waters. SpinCo a obtenu un financement relais engagé pour garantir le paiement des 4 milliards de dollars.

Implications stratégiques pour BD :

Amélioration immédiate du bilan grâce à des liquidités non dilutives pouvant être utilisées pour réduire la dette, racheter des actions ou réinvestir.
Simplification du portefeuille de BD, avec un recentrage sur ses segments médicaux et interventionnels clés.
Potentiel de croissance continue via une participation significative dans Waters élargi, permettant aux investisseurs de bénéficier des synergies attendues.

Principaux termes et protections :

Waters devra payer une indemnité de résiliation de 733 millions de dollars dans certains cas.
Les engagements habituels, les autorisations antitrust et une décision fiscale de l’IRS sont requis pour la clôture ; date limite au 13 juillet 2026.
Le conseil d’administration de Waters post-fusion sera élargi à 11-12 membres, dont jusqu’à deux nommés par BD.

Risques : complexité de la transaction, approbations réglementaires, exécution du financement et ajustements potentiels de dilution. L’échec de la clôture entraînerait la perte des avantages stratégiques et pourrait engendrer des coûts.

Becton, Dickinson and Company (BDX) hat endgültige Vereinbarungen zur Durchführung eines steuerlich effizienten Reverse Morris Trust mit der Waters Corporation unterzeichnet, wodurch das Biosciences and Diagnostic Solutions-Geschäft von BD veräußert wird. Die mehrstufige Transaktion umfasst: (1) die Abspaltung des Geschäfts in Augusta SpinCo, (2) eine 4-Milliarden-Dollar-Barzahlung von SpinCo an BD, (3) eine anteilige Ausgliederung der SpinCo-Aktien an BD-Aktionäre und (4) die Fusion von SpinCo mit einer Tochtergesellschaft von Waters, nach der BD-Aktionäre 39,2 % der verwässerten Stammaktien von Waters besitzen werden.

Die Vorstände beider Unternehmen haben dem Deal einstimmig zugestimmt. Um den steuerfreien Status zu erhalten, kann das Umtauschverhältnis angepasst werden, sodass BD-Inhaber für Steuerzwecke mindestens 50,5 % von Waters besitzen; jede Erhöhung würde die Barausschüttung verringern oder eine vorzeitige Dividende von Waters auslösen. SpinCo hat eine zugesagte Brückenfinanzierung zur Sicherstellung der 4-Milliarden-Dollar-Zahlung erhalten.

Strategische Implikationen für BD:

Sofortige Bilanzverbesserung durch nicht verwässernde Bareinnahmen, die zur Schuldenreduzierung, Aktienrückkäufen oder Reinvestitionen genutzt werden können.
Vereinfachung des Portfolios von BD mit stärkerem Fokus auf die Kernsegmente Medical und Interventional.
Fortgesetztes Wachstumspotenzial durch eine bedeutende Beteiligung an einem vergrößerten Waters, die es den Anlegern ermöglicht, von erwarteten Synergien zu profitieren.

Wesentliche Bedingungen und Schutzmaßnahmen:

Waters muss unter bestimmten Szenarien eine Kündigungsgebühr von 733 Millionen US-Dollar zahlen.
Übliche Zusagen, kartellrechtliche Genehmigungen und eine IRS-Steuerentscheidung sind für den Abschluss erforderlich; Außendatum ist der 13. Juli 2026.
Der Vorstand von Waters wird nach der Fusion auf 11-12 Mitglieder erweitert, darunter bis zu zwei von BD ausgewählte Mitglieder.

Risiken: Transaktionskomplexität, behördliche Genehmigungen, Finanzierungsausführung und mögliche Anpassungen der Verwässerung. Ein Scheitern des Abschlusses würde strategische Vorteile zunichtemachen und Kosten verursachen.

Positive

$4 billion immediate cash strengthens BD’s balance sheet without equity dilution.
BD shareholders retain 39.2 % ownership in an expanded Waters, preserving upside.
Tax-free Reverse Morris Trust structure avoids capital-gains leakage.
$733 million break fee protects BD if Waters terminates.
Strategic focus sharpened by divesting non-core Biosciences and Diagnostic Solutions segment.

Negative

Completion subject to numerous regulatory, tax and financing conditions, creating closing uncertainty.
SpinCo employs a bridge loan to fund cash distribution, introducing leverage and potential funding risk.
BD forfeits direct control of a business segment, risking loss of future standalone growth.
If exchange ratio is adjusted upward, cash proceeds to BD could decrease.

Insights

TL;DR – Cash-rich divestiture gives BD flexibility while retaining upside via 39.2 % Waters stake; execution and regulatory risk remain.

The $4 billion cash inflow (~7 % of BD’s FY24 revenue) strengthens liquidity and could lower leverage by roughly 0.4x EBITDA if applied to debt. Spinning off a slower-growth unit should lift BD’s blended growth and margin profile, placing a higher valuation multiple on the remaining business. Shareholders also obtain a sizeable equity interest in an expanded Waters, preserving exposure to life-science instrumentation. Conditions such as HSR clearance, IRS ruling and bridge financing add timeline risk, but the $733 million break fee limits downside. Overall impact is positive and material.

TL;DR – Classic Reverse Morris Trust unlocks value; structure minimizes tax leakage but demands flawless sequencing.

The RMT shields gains on divestiture, an efficient alternative to a taxable sale. The upward-adjustable exchange ratio ensures BD meets the >50 % continuity test, safeguarding tax-free treatment. Financing via a bridge loan transfers leverage to SpinCo, not BD, protecting the parent’s balance sheet. Governance concessions (up to two BD-nominated directors) secure ongoing influence. However, multi-jurisdictional antitrust reviews and water-tight solvency opinions are prerequisites; any slippage could push closing beyond the 2026 outside date. Given the scale and complexity, I classify the agreement as impactful with a moderately favorable risk-reward.

Implicazioni strategiche per BD:

Immediato miglioramento del bilancio grazie a proventi in contanti non diluitivi, utilizzabili per riduzione del debito, riacquisto di azioni o reinvestimenti.
Semplificazione del portafoglio di BD, con maggiore focalizzazione sui segmenti core Medical e Interventional.
Potenziale crescita futura tramite una significativa partecipazione azionaria in Waters ampliata, permettendo agli investitori di beneficiare delle sinergie previste.

Termini chiave e garanzie:

Waters dovrà pagare una penale di 733 milioni di dollari in caso di determinate circostanze di recesso.
Per la chiusura sono necessari consueti accordi, autorizzazioni antitrust e un parere fiscale dell’IRS; la data limite è il 13 luglio 2026.
Il consiglio di amministrazione di Waters post-fusione sarà ampliato a 11-12 membri, inclusi fino a due nominati da BD.

Implicaciones estratégicas para BD:

Mejora inmediata del balance mediante ingresos en efectivo no dilutivos que pueden usarse para reducir deuda, recompras de acciones o reinversión.
Simplificación del portafolio de BD, enfocándose en sus segmentos principales Médico e Intervencional.
Potencial de crecimiento continuo a través de una participación accionaria significativa en una Waters ampliada, permitiendo a los inversores beneficiarse de las sinergias anticipadas.

Términos clave y protecciones:

Waters deberá pagar una penalización de 733 millones de dólares bajo ciertos escenarios.
Para el cierre se requieren convenios habituales, aprobaciones antimonopolio y una resolución fiscal del IRS; la fecha límite es el 13 de julio de 2026.
El consejo de administración de Waters tras la fusión se ampliará a 11-12 miembros, incluyendo hasta dos seleccionados por BD.

Implications stratégiques pour BD :

Amélioration immédiate du bilan grâce à des liquidités non dilutives pouvant être utilisées pour réduire la dette, racheter des actions ou réinvestir.
Simplification du portefeuille de BD, avec un recentrage sur ses segments médicaux et interventionnels clés.
Potentiel de croissance continue via une participation significative dans Waters élargi, permettant aux investisseurs de bénéficier des synergies attendues.

Principaux termes et protections :

Waters devra payer une indemnité de résiliation de 733 millions de dollars dans certains cas.
Les engagements habituels, les autorisations antitrust et une décision fiscale de l’IRS sont requis pour la clôture ; date limite au 13 juillet 2026.
Le conseil d’administration de Waters post-fusion sera élargi à 11-12 membres, dont jusqu’à deux nommés par BD.

Strategische Implikationen für BD:

Sofortige Bilanzverbesserung durch nicht verwässernde Bareinnahmen, die zur Schuldenreduzierung, Aktienrückkäufen oder Reinvestitionen genutzt werden können.
Vereinfachung des Portfolios von BD mit stärkerem Fokus auf die Kernsegmente Medical und Interventional.
Fortgesetztes Wachstumspotenzial durch eine bedeutende Beteiligung an einem vergrößerten Waters, die es den Anlegern ermöglicht, von erwarteten Synergien zu profitieren.

Wesentliche Bedingungen und Schutzmaßnahmen:

Waters muss unter bestimmten Szenarien eine Kündigungsgebühr von 733 Millionen US-Dollar zahlen.
Übliche Zusagen, kartellrechtliche Genehmigungen und eine IRS-Steuerentscheidung sind für den Abschluss erforderlich; Außendatum ist der 13. Juli 2026.
Der Vorstand von Waters wird nach der Fusion auf 11-12 Mitglieder erweitert, darunter bis zu zwei von BD ausgewählte Mitglieder.

07/14/2025 - 05:06 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 14, 2025

CAVCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-08822

56-2405642

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

3636 North Central Avenue, Suite 1200

Phoenix

Arizona

85012

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (602) 256-6263

Not applicable

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01	CVCO	The Nasdaq Stock Market LLC
		(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement

On July 14, 2025, Cavco Industries, Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cavco Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), American Homestar Corporation, a Texas corporation (“American Homestar”), and Craig Reynolds, solely in his capacity as representative of the securityholders of American Homestar (the “Shareholder Representative”). Pursuant to the Merger Agreement, Merger Sub will be merged with and into American Homestar (the “Merger”), with American Homestar surviving the Merger as a wholly owned subsidiary of the Company, in accordance with the terms of the Merger Agreement, the Texas Business Organizations Code, and the General Corporation Law of the State of Delaware. The Merger Agreement was unanimously approved by the Company’s board of directors.

The Merger Agreement provides that at the effective time of the Merger (the “Effective Time”), the Company will acquire American Homestar for a base purchase price of $190,000,000 in cash (the “Base Merger Consideration”), subject to the conditions of the Merger Agreement. At the Effective Time: (i) each share of Class A common stock of American Homestar, par value $0.01 per share (“Common Stock”), issued and outstanding immediately prior to the Effective Time, will be automatically cancelled and converted into the right to receive a portion of the Base Merger Consideration, subject to customary adjustments as outlined in the Merger Agreement; (ii) each restricted share of Common Stock issued and outstanding prior to the Effective Time will vest in full, the restrictions thereon will lapse, and such shares will be treated as Common Stock with the right to receive a portion of the Base Merger Consideration, subject to customary adjustments as outlined in the Merger Agreement; and (iii) each share of Common Stock held in the treasury of American Homestar or any of its subsidiaries immediately prior to the Effective Time will automatically be cancelled and will cease to exist, with no consideration paid in exchange for such shares. The Base Merger Consideration will be subject to customary adjustments, including, among others, adjustments for indebtedness, working capital, and other items as set forth in the Merger Agreement.

The Merger Agreement includes representations, warranties, and covenants of the parties that are customary for a transaction of this nature. Among other things, American Homestar has agreed to conduct its operations in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time. Other than with respect to claims for fraud, the representations and warranties set forth in the Merger Agreement will expire upon consummation of the Merger. The Company has obtained a representations and warranties insurance policy, pursuant to which the Company may obtain insurance recoveries for breaches of representations and warranties of American Homestar under the Merger Agreement, subject to certain limitations and exclusions.

The consummation of the Merger and the payment of the Base Merger Consideration by the Company are subject to the satisfaction or waiver of customary closing conditions, which include, among other things: (i) the approval of the Merger Agreement and the transactions contemplated therein, including the Merger, by the holders of at least 80% of the total voting power of the outstanding capital stock of American Homestar; (ii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iii) each party’s material compliance with its covenants; (iv) the absence of breaches of each party’s representations and warranties (subject to materiality exceptions); and (v) the absence of a material adverse effect on the businesses of the Company or American Homestar.

The Merger Agreement contains customary termination rights for both the Company and American Homestar, including, among others, if the Merger is not consummated on or before October 31, 2025. Upon termination of the Merger Agreement, under specified circumstances, American Homestar will be required to pay the Company a termination fee of $6,000,000. Such circumstances include termination of the Merger Agreement in connection with American Homestar accepting and entering into a binding contract to consummate a proposal from a third party (other than the Company) for a merger, debt or equity capitalization, sale of all or a majority of its assets, or a similar transaction.

The parties expect the Closing to occur in the Company’s third quarter of fiscal year 2026.

Additional Information

The foregoing description of the Merger Agreement is not complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Merger Agreement has been attached to provide investors with information regarding its terms; it is not intended to provide any other factual information about the Company or American Homestar. The representations,

warranties, and covenants contained in the Merger Agreement, which the respective parties made to each other as of the date of the Merger Agreement or as of other specific dates, were made solely for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement.

The representations, warranties, and covenants in the Merger Agreement are also modified in important part by the underlying disclosure schedules, which are not filed publicly, are subject to a contractual standard of materiality different from that generally applicable to stockholders, and were used for the purpose of allocating risk among the parties rather than establishing matters as facts. We do not believe that these schedules contain information that is material to an investment decision. Accordingly, the representations and warranties in the Merger Agreement should not be relied upon as characterizations of the actual state of facts about the Company or American Homestar.

Item 7.01. Regulation FD Disclosure

On July 14, 2025, the Company issued a press release announcing the planned acquisition of American Homestar. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company announced in the press release that its management will be hosting a conference call and webcast on July 16, 2025, at 1:00 p.m. ET to discuss the transaction. Interested parties can access a live webcast of the conference call at https://investor.cavco.com.

As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly provided by specific reference in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions that the forward-looking information presented in this Current Report is not a guarantee of future events, and that actual events and results may differ materially from those made in, or suggested by, the forward-looking information contained in this Current Report. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue,” or the negative thereof, or variations thereon, or similar terminology.

A number of important factors could cause actual events and results to differ materially from those contained in or implied by the forward-looking statements, including, but not limited to: (i) the risk that the proposed Merger may not be completed in a timely manner or at all; (ii) the failure to satisfy any of the conditions to the consummation of the Merger, including the receipt of certain regulatory approvals; (iii) the occurrence of any event, change, or circumstance that could give rise to the termination of the Merger Agreement; (iv) the effect of the announcement of the proposed transaction on the Company’s business relationships, operating results, and business generally; (v) unexpected costs, charges, or expenses resulting from the proposed Merger; and (vi) other risks described in the risk factors set forth in the Company’s filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, filed with the SEC on May 23, 2025.

Any forward-looking information presented herein is made only as of the date of this Current Report, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Item 9.01 Financial Statements and Exhibits


Exhibit Number			Description
10.1			Agreement and Plan of Merger, dated July 14, 2025, by and among Cavco Industries, Inc., Cavco Merger Sub, Inc., American Homestar, Inc., and the Shareholder Representative party thereto.*
99.1			Press Release, dated July 14, 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission upon request.

SIGNATURES

Pursuant to the requirements 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.


CAVCO INDUSTRIES, INC.
By:			/s/ Seth Schuknecht
			Seth Schuknecht
			Executive Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary

Date:			July 14, 2025

Source: View Original Filing on SEC EDGAR

FAQ

Why is Becton, Dickinson (BDX) spinning off its Biosciences and Diagnostic Solutions business?

BD aims to streamline its portfolio, unlock value and receive $4 billion cash while still participating in the business through a 39.2 % stake in Waters.

How much cash will BDX receive from the transaction?

SpinCo will distribute approximately $4 billion to BDX at closing, subject to working-capital and debt adjustments.

What ownership percentage of Waters will BDX shareholders hold after the merger?

Former BD shareholders will collectively own 39.2 % of Waters’ common stock on a fully diluted basis.

What are the key conditions for closing the Reverse Morris Trust between BDX and Waters?

Conditions include HSR and foreign antitrust clearance, IRS private letter ruling, successful Spin-Off, financing completion and Waters shareholder approval.

Is there a termination fee if the merger is not completed?

Yes. Waters must pay $733 million to BD under specified termination scenarios.

When is the outside date for completing the transaction?

The agreement terminates if the merger is not consummated by July 13, 2026, subject to extension for pending regulatory approvals.

[8-K] Cavco Industries Inc. Reports Material Event

Insights

FAQ

Why is Becton, Dickinson (BDX) spinning off its Biosciences and Diagnostic Solutions business?

How much cash will BDX receive from the transaction?

What ownership percentage of Waters will BDX shareholders hold after the merger?

What are the key conditions for closing the Reverse Morris Trust between BDX and Waters?

Is there a termination fee if the merger is not completed?

When is the outside date for completing the transaction?

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[8-K] Cavco Industries Inc. Reports Material Event

Insights

Equity Research Analyst positive

M&A Specialist positive

FAQ

Why is Becton, Dickinson (BDX) spinning off its Biosciences and Diagnostic Solutions business?

How much cash will BDX receive from the transaction?

What ownership percentage of Waters will BDX shareholders hold after the merger?

What are the key conditions for closing the Reverse Morris Trust between BDX and Waters?

Is there a termination fee if the merger is not completed?

When is the outside date for completing the transaction?

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