The head of William Lyon Homes ( WLS) emphatically told the market Friday that shares in his company are too cheap, announcing an offer to buy out the company for $93 a share, a 23% premium over where the stock closed Thursday. Chairman and CEO Gen. William Lyon, who joined his father and brother in the family business 50 years ago, currently owns 4.1 million shares of the homebuilder, or about 47.6% of the outstanding stock. He controls 50.4% of the voting power of the company, which builds homes in California, Nevada and Arizona. Together with his trusts, Lyon owns 6.2 million shares, or 74.5% of the outstanding stock. The expiration for the tender offer is April 13. In order for the deal to be finalized, the total shares tendered plus the amount that Lyon and his trusts own must represent at least 90% of the shares outstanding after the offer. Assuming the tender goes through, the company will merge into a newly formed Delaware corporation, into which Lyon and his trusts will contribute their shares. Any remaining public shareholders will receive the same consideration for their shares as that received by stockholders who tendered their shares. William Lyon's shares had been trading at five times estimated 2007 EPS and 1.2 times book value. The share recently jumped past the offer price, trading at $99.20, up $23.50, or 31%.