INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS
International American Homes Inc
said it entered into a conditional contract to acquire the
<Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln
dlrs.
    International American, whose stock was halted on Nasdaq
earlier, said the purchase price is payable 12 mln dlrs in cash
and the balance in its own common shares.
    Selling shareholders may earn an additional amount up to a
maximum of eight mln dlrs payable in cash based on the future
performance of the companies acquired during the three years
ending March 31, 1990, International said.
    The acquisition is subject to certain conditions, such as
satisfactory results of due diligence investigations, the
company said.
   
 Reuter
