Pub fight rolls on
The battle for control of a company that owns three Gold Coast pubs shows no sign of easing following a meeting of shareholders today.
The shareholders have shown overwhelming support for the board of Hotel Property Investments as its battles against a takeover offer from Charter Hall Retail REIT and Hostplus.
Property Investments owns 58 hotels across Australia including the Coomera Lodge Hotel at Oxenford, the Ferry Road Tavern at Southport and The Wallaby Hotel at Mudgeeraba.
Charter Hall Retail REIT and Hostplus first launched its takeover raid on September 9 and has so far failed to gain enough support from HPI shareholders. However, the joint bidders this week extended their offer for a third time, giving HPI shareholders until November 26 to agree to the deal.
But at Hotel Property Investments annual general meeting Chairman Giselle Collins said the takeover “materially undervalues” the company.
“The Board firmly believes that HPI’s unique portfolio of pub assets, strong growth profile, refreshed strategy and new leadership present the potential for superior long-term value for securityholders compared to the current takeover offer,’’ Ms Collins said.
“At this point we urge securityholders to refrain from taking any action in relation to the offer.”
Shareholders showed their support for the board today voting more than 90 per cent in favour of each of the recommended board members.
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