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A robust year for real estate continued when Hometown America LLC beat out Manufactured Home Communities, Inc., in a bidding contest for Chateau Communities, Inc. Hometown’s winning $2.2 billion offer, announced on May 29, included $1 billion in cash for Chateau’s common stock and common units. Chicago-based Hometown, a privately held owner and operator of manufactured home communities, will also assume $1.2 billion in Chateau debt and preferred stock. Chateau, a Colorado-based real estate investment trust, is the nation’s largest owner and operator of manufactured home communities. The merger is subject to approval of two-thirds of Chateau’s shares outstanding and a majority of Chateau’s partnership units. The companies expect to close the deal this fall. For acquiror Hometown America LLC (Chicago) Wachtell, Lipton, Rosen & Katz (New York): Corporate: Adam Emmerich and associates Margaret Isa, Gregory Racz, and Stephanie Van Duren. Real estate: Michael Benner, Robin Panovka, and associate Mark Koenig. Creditors’ rights: Richard Feintuch and associates Francine Banner and Chetan Gulati. Tax: David Einhorn and associates Joshua Blank and Joshua Holmes. Employee benefits: Karen Krueger and associate David Kahan. Wachtell has not previously worked for Hometown America. Pircher, Nichols & Meeks (Chicago): Richard Kaplan, Eugene Leone, and associates Dianne Lu and Pablo Petrozzi. (Kaplan is in Los Angeles.) Pircher represented Chicago’s JMB Realty Corporation for many years. When Richard Kline, a JMB senior officer, became CEO of Hometown America, he hired Pircher. For target Chateau Communities, Inc. (Greenwood Village, Colorado) Clifford Chance (London): Corporate finance: Jay Bernstein, Kathleen Werner, and associates Caroline Giusio, Allison Harlow, Francesca Hogi, Alina Pastiu, Serge Pavluk, and Andrew Silverman. M&A: John Healy, Karl Roessner, and associates Christopher Hoffman and Roger Singer. Tax: Richard Catalano and associates Sung Hwang and Victoria Litz. Employment: Andrew Oringer and associate Robert Stone. Real estate: associate Ness Cohen. (All are in the New York office.) Rogers & Wells, Clifford Chance’s predecessor firm, represented Chateau since 1997, when Chateau merged with ROC Communities, a Rogers & Wells client. For losing bidder Manufactured Home Communities, Inc. (Chicago) In-house: General counsel Ellen Kelleher. MHC consulted Arnold & Porter on its bid but did not retain the Washington, D.C., firm as counsel on the deal.

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