Aussie pub landlord Hotel Property's top shareholder sweetens offer in a $506 mln deal (updated)

Hotel Property Investments

18/10/2024 24:39

(Adds details and background from paragrah 2 onwards)
       Oct 18 (Reuters) - Australian pub landlord Hotel
Property Investments  HPI.AX  received a sweetened offer from
its top shareholder on Friday, valuing the company at A$755.8
million ($506.16 million).
    Charter Hall Retail REIT  CQR.AX  raised its offer to A$3.85
per security from A$3.65 apiece for all the company's shares it
does not currently own.   
    Last month, Hotel Property Investments, which owns 58 pub
and hotel properties, rejected the previous offer on valuation
concerns. 
    "The improved offer price has been declared best and final
and will not be increased, in the absence of a competing
proposal," Charter Hall Retail REIT said. 
    Hotel Property Investments did not immediately repond to a
Reuters request for comment. 

($1 = 1.4932 Australian dollars)

 (Reporting by Sneha Kumar; Editing by Alan Barona)
 ((Sneha.Kumar@thomsonreuters.com))