Starwood, Paulson bid on Taylor Morrison

Hedge fund billionaire John Paulson's Rain Tree Investment Corp, Barry Sternlicht's Starwood Capital Group and a private U.S. homebuilder have submitted bids for Taylor Wimpey's North American operations -- called Taylor Morrison in the United States -- several sources said. Both Rain Tree and Starwood bid the North American operations' book value, which analysts put at about 600 million pounds, or $957 million, two of the sources said. A separate source briefed on the matter said the deal had attracted five bids. Taylor Wimpey, which also operates in Britain and Spain, hired JPMorgan Chase (JPM.N) last year to sell its U.S. and Canadian assets, sources told Reuters previously. Taylor Morrison, which is based in Scottsdale, Arizona, is best known in Florida for its 2,000 homes at the Country Club at Mirasol in Palm Beach Gardens, which hosts a PGA Tour golf event. It also builds in Arizona, California, Colorado and Texas. The company was the 13th-largest U.S. homebuilder in 2009, according to trade publication Builder Magazine.

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