Real estate financier Sam Zell’s Manufactured Home Communities Inc. offered to buy most of Chateau Communities Inc. for $1.82 billion to combine the two largest owners of land rented to owners of factory-built homes in the U.S.
Manufactured Home said the offer may be worth more than $26 a share to Chateau shareholders, a 4.4% premium to the closing price of $24.90 on Thursday.
Shares of Greenwood Village, Colo.-based Chateau fell 40 cents to $24.50. Manufactured Home fell 1 cent to $32.89. Both trade on the NYSE.