NEW YORK (Dow Jones/AP) - Clayton Homes Inc. shareholder Third Avenue Management LLC yesterday joined another dissident group in opposing the company's pending acquisition by Berkshire Hathaway Inc.

Third Avenue said Berkshire's purchase price of Clayton Homes for $12.50 a share is inadequate and based on results that have been hurt by the downturn in the manufactured home industry.

Third Avenue plans on voting its 275,500 shares, representing about a 2 percent stake, against the purchase, and encouraged other shareholders to do so as well.

Another Clayton shareholder, Bermuda-registered Orbis Investment Management Ltd., has launched a campaign against Berkshire's $1.7 billion acquisition.

Orbis, which has a five percent Clayton stake, filed a suit seeking to require that an annual shareholder meeting be held before the meeting to vote on the deal.

On Friday, Maryville, Tennessee, based Clayton said that a Delaware chancery court ruled it must hold its annual shareholder meeting promptly, but not necessarily before the July 16 special meeting to vote on the Berkshire acquisition.