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GREENWOOD VILLAGE, CO-In response to criticisms that its first offer was too low, Chicago-based Hometown America LLC increased its tender offer for bonds of Greenwood Village-based Chateau Communities Inc., the nation’s largest owner of manufactured housing communities.

Hometown America, financially backed by Washington State’s pension fund, now is offering owners of Chateau’s 8.5% senior notes due in 2005 a price equal to a yield that is 45 basis points more than comparable US Treasury securities. Also, its new offer is 60 basis points more than Treasuries for Chateau’s 7.13% senior notes due in 2011.

But bondholders must hurry. The latest offer for the bonds expires at 5 p.m. EDT on Thursday.

Last May, Hometown agreed to buy Chateau for $1 billion in cash. It also agreed to assume $1.2 billion in debt.

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