Southern California homebuilders Standard Pacific Corp. and Ryland Group Inc. said they agreed to merge, creating a company with about 74,000 home sites and resources to expand.

Standard Pacific stockholders will own about 59 percent of the combined company after a share swap, the builders said Sunday in a statement. Standard Pacific will implement a one- for-five reverse stock split, then give Ryland investors 1.0191 share for every one they hold. Fractional shares will be paid in cash.

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