“Best and final offer”: Hometown says it will not raise $2.25 cash offer for LLC operator Gateway

With no rival bidders in play, the Australian arm of the US housing operator Hometown America says that the offer – due to close on 10 September 2018 – will be final, reduced by any future distributions or dividends by Gateway. As we reported here, Canadian group Brookfield had abandoned its bid to buy the ASX-listed operator after forcing Hometown to up its bid from $635 million to $715 million . Hometown’s co-president Pat Zilis, who is based in Chicago, Illinois, says that the offer reflects a material premium of 28.5% over the last undisturbed security price – a 9.9% increase on its initial offer of $2.0465. Will Gateway’s securityholders finally be swayed?