Charter Hall extends takeover bid

Charter Hall (ASX:CQR) has announced an extension and variation to its takeover bid for Hotel Property Investments (HPI). The cash offer is now $3.85 per security, a 17.7% premium on the previous price. Despite a distribution announcement by HPI, the offer remains at $3.85, with the period extended until November 11, 2024.

Charter Hall takeover strategy and outlook

Charter Hall has increased its offer for HPI securities to $3.85 each, emphasizing the premium over the previous undisturbed price. The offer period has been extended to give stakeholders more time to respond after HPI's distribution announcement. Despite this, Charter Hall maintains that the total cash consideration remains unchanged. The company encourages HPI security holders to accept the offer promptly. Charter Hall is committed to ensuring a transparent and compliant process as they pursue this strategic acquisition.

Executive commentary on takeover bid

The offer is our best and final offer unless a competing proposal arises. We believe this represents a compelling opportunity for HPI security holders to realise a premium value for their investment.