Takeover bid overview

Hotel Property Investments (ASX:HPI) is the target of an improved takeover offer from Charter Hall Wholesale Management Limited. The offer has increased to $3.85 per security, providing a premium over HPI's current market price. The offer is set to expire on November 11, 2024.

Takeover offer summary and outlook

Charter Hall Wholesale Management Limited has proposed an off-market takeover of Hotel Property Investments, raising its offer to $3.85 per security. This represents a significant premium over the current market price of HPI securities, which have fallen to $3.59 following an interim distribution announcement. The offer includes a cash component and is deemed final unless a better offer emerges. The offer period has been extended until November 11, 2024. Securityholders are urged to accept the offer promptly to capitalize on the premium. Charter Hall's strategic move aims to consolidate ownership of HPI, ensuring alignment with its investment objectives and enhancing value for its stakeholders.

Executive commentary on the offer

The offer provides a 17.7% premium to HPI's undisturbed price. We encourage securityholders to accept the offer immediately as it represents the best and final offer unless a competing proposal arises.