Australia's Hotel Property gains as it looks to reject takeover offer

Hotel Property Investments

22/10/2024 01:31

** Shares of Australia's Hotel Property Investments  HPI.AX 
rise as much as 3.7% to A$3.63; set for their best trading
session since Sept. 9
    ** The pub operator's board recommends shareholders to
reject the takeover offer from a consortium led by real estate
investor Charter Hall  CHC.AX  
    ** The latest offer values the pub landlord at A$755.8 mln
($502.91 mln)
    ** Co says offer undervalues the firm and its prospects
while raising questions about its timing
    ** Stock has risen 22% this year, as of last close

($1 = 1.5029 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))