Hotel Property Investments has rejected a $710 million takeover bid by Charter Hall and industry superannuation giant Hostplus, saying the offer materially undervalues the pub owner and ignores its growth prospects.
ASX-listed HPI owns 58 venues, mainly in Queensland and South Australia, and set out reasons for rejecting the $3.65-a-share offer in a letter to investors.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
