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Investor Group Exits Clayton Homes Bidding

July 30, 2003|From Reuters

Investors led by Cerberus Capital Management have pulled back from making an offer for Clayton Homes Inc., leaving Warren Buffett's $1.7-billion bid for the maker of manufactured homes unchallenged.

Clayton shareholders are set to vote on Buffett's offer today.

Shares of Clayton Homes fell 86 cents to close at $12.54 on the New York Stock Exchange. Buffett's offer values Clayton at $12.50 a share, but investors have been buying the stock at higher prices in anticipation of a larger offer. Buffett has vowed not to raise his offer.

The investors with Cerberus were private funds Blackstone Group, Texas Pacific Group and the buyout arm of Credit Suisse First Boston.

From Reuters

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