Hotel Property looks to reject final takeover offer from Charter Hall consortium (updated)

Hotel Property Investments

21/10/2024 22:57

(Adds details, background in paragraphs 2-4)
       Oct 22 (Reuters) - Australia's Hotel Property
Investments  HPI.AX  said on Tuesday it has recommended
shareholders to reject the final takeover bid from a consortium
led by Charter Hall Retail REIT  CQR.AX , which valued the pub
owner at A$755.8 million ($502.98 million). 
    Real estate firm Charter Hall Retail REIT and Hostplus
increased their offer last week for the pub operator to A$3.85
per share of Hotel Property Investments they do not already own,
from A$3.65 apiece. 
    The proposal is "opportunistic" and the revised offer
implies a valuation for HPI's portfolio that reflects a material
discount to comparable pub portfolios, Hotel Property said in a
statement.
    Charter Hall and Hostplus did not immediately respond to
Reuters' requests for comment.   

($1 = 1.5026 Australian dollars)

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