William Lyon Chides Bid-Review Committee

William Lyon, the chairman of Newport Beach-based William Lyon Homes, who in April announced a bid to take the company private, on Monday issued a rebuke of the special committee of directors set up to consider the bid.

Lyon on April 26 offered $82 a share for the publicly held shares of the home builder. The stock immediately soared above his offering price. On June 20, the special committee rejected the offer as “inadequate.” The chairman subsequently withdrew his bid.

The company said Monday that the special committee had disbanded. Four minutes later, in a separate release, the chairman said he was “extremely disappointed” in how the committee treated his offer. The committee “never responded to Gen. Lyon or his investment bankers with a counter offer,” the statement said.

“The only communique that Gen. Lyon had with the special committee was their rejection of his offer, stating it was ‘inadequate,’ ” the statement said. That response “begs the question, ‘What would the adequate number be?’ ”

A Lyon spokesman did not return a phone call seeking comment. Members of the committee could not be reached. Lyon shares rose $1.45 to $123.10 before the announcements Monday.