HPI takeover offer update

Hotel Property Investments (ASX:HPI) has announced an extension to its off-market takeover offer. The new closing date is 17 December 2024. Payment terms have been accelerated, with several offer conditions waived.

Overview of offer extension and conditions

The Charter Hall Wholesale Management Limited, acting for the CH Investment Trust and the CH Investment Co Trust, has extended its takeover offer for Hotel Property Investments (ASX:HPI) to 17 December 2024. Payment terms have been accelerated to five business days for quicker processing. Several conditions of the offer have been waived, though the 'Minimum Acceptance Condition' remains. This extension and changes in conditions underscore the Bidder's commitment to acquiring HPI and provide a more flexible process for security holders. The Bidder's actions indicate a strong determination to complete the acquisition, highlighting both their strategic goals and the procedural compliance observed.

Executive commentary on takeover offer

The offer period for acquiring HPI's stapled securities has been extended to close at 7:00 pm Sydney time on 17 December 2024. This extension allows more time for HPI security holders to consider and accept the offer.' 'The Bidder has modified the payment terms, reducing the timeframe from '1 month' and '21 days' to '5 Business Days' for processing payments to accepting HPI security holders. This change aims to expedite the payment process for those who accept the offer.' 'The Bidder has waived several conditions that were initially part of the offer. These include: 'No restraints,' 'HPI Prescribed Occurrence,' 'HPI Material Adverse Change,' 'Market Fall,' 'Material acquisition or disposal.' These waivers indicate a strong intention to proceed with the acquisition, irrespective of these conditions.' 'The offer remains subject to the 'Minimum Acceptance Condition.' The Bidder may waive this condition under certain circumstances, as described in the supplementary bidder's statement.