Berkshire buying manufactured home builder

Thursday, April 3, 2003 | 9:42 a.m.

OMAHA, Neb. -- Berkshire Hathaway Inc., headed by billionaire Warren Buffett, is buying Clayton Homes Inc., a builder of manufactured homes and mobile commercial property in a deal worth about $1.7 billion.

Under terms of the agreement announced Tuesday, Clayton Homes' stockholders will receive $12.50 per share, with about 136 million shares outstanding.

"Clayton Homes is far and away the premier company in the manufactured housing industry with high quality products and outstanding leadership and personnel," Buffett said.

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