INTERNATIONAL AMERICAN <HOME> SETS ACQUISITION
International American Homes inc
said it has contracted to acquire <Diversified Shelter Group
Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27
pct in International American common stock to be valued on a 30
day trading average prior to closing.
    It said the price is based on Diversified's estimated 3.2
mln dlrs pro forma pre-tax earnings for 1986 after adjustment
for certain non-continuing expenses. Diversified, a developer
of single family housing in the Atlanta market, had 1986
revenues of about 25.3 mln dlrs. The acquisition if subject to
International American arranging financing.
 Reuter
