INTERNATIONAL AMERICAN &lt;HOME> SETS ACQUISITION

  International American Homes inc
  said it has contracted to acquire &lt;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.
  

