Australia's Hotel Property Investments at near 19-month high on buyout offer

Hotel Property Investments

09/09/2024 04:19

** Hotel Property Investments  HPI.AX  climbs as much as
6.2% at A$3.695, its highest since Feb. 17, 2023
    ** Real estate investment firm receives off-market takeover
over from Charter Hall Retail REIT  CQR.AX  for the remaining
shares it does not currently own
    ** CQR holds 14.7% stake in HPI
    ** A$3.65/shr offer values HPI at A$716.5 mln ($479 mln)
        ** Per share offer a 4.9% premium to HPI's last close
  
    ** HPI board says offer materially undervalues co and
recommends shareholders to reject it
    ** About 553,552 HPI shares traded, over 3x the 30-day avg
    ** CQR falls as much as 2.2% to A$3.59

($1 = 1.4961 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))