Gateway Lifestyle Group bidding war intensifies

Company News

by Anna Napoli

The takeover battle for Gateway Lifestyle Group is heating up with US bidder, Hometown increasing its offer to $2.35 per share over the weekend.

It comes off the back of Brookfield Property’s offer of $2.30 per share last week and Hometown’s initial offer of $2.10 on the 13th of June.

Hometown has also indicated that it holds a relevant interest in Gateway Lifestyles shares of 18.2 per cent.

Gateway provided Brookfield access to due diligence last week and Hometown has requested access to due diligence on a non-exclusive basis.

The board of Gateway have commenced an assessment of the revised Hometown proposal and will continue to update the market.

Shares in Gateway Lifestyle Group (ASX:GTY) are trading flat at $2.32.