MEXICO CITY, May 20 (Reuters) - Mexican homebuilder

Vinte said on Monday that it had launched a bid to purchase all

outstanding shares of competitor Javer in a deal that could be

worth up to 4.29 billion pesos ($259.26 million).

Vinte said it had already agreed to purchase a nearly 64%

stake in the firm in the deal, which would price shares at

14.9355 pesos apiece. The bid must still be approved at a

general shareholders' meeting, Vinte said.

($1 = 16.5474 Mexican pesos)