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Hometown America to Acquire Rival Chateau

May 30, 2003|From Bloomberg News

Hometown America agreed to buy rival Chateau Communities Inc., the largest owner of prefabricated housing developments, for $1 billion, topping an offer from financier Sam Zell.

Chicago-based Hometown, backed by Washington state's pension fund, will pay $29.25 a share in cash for Chateau. The closely held company also will assume $1.2 billion of Greenwood Village, Colo.-based Chateau's debt and preferred stock for a total of $2.2 billion, Hometown Chief Financial Officer Tom Coorsh said.

Zell's Manufactured Home Communities Inc. earlier this month offered to buy most of Chateau for $26 a share.

Shares of Chateau rose $4.52 to $29.68 on the NYSE.

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