June 13, 2018 / 1:35 AM / in 11 days

Hometown makes offer for Australia's Gateway, values firm at $480 million

(Reuters) - Australia’s Gateway Lifestyle Group (GTY.AX) said it received a non-binding offer from Hometown Australia Holdings Pty Ltd and Hometown America Communities Ltd Partnership - a proposal that values the company at A$635 million ($480 million).

The A$2.10 per share offer for the operator of retirement villages represents a 14.8 percent premium to Gateway’s last close of A$1.83.

Hometown already owns more than 17.5 percent of Gateway via pre-bid agreements, Gateway said in a statement.

Gateway said it has not granted due diligence access yet, and that the proposal is subject to approval by the Australian foreign investment regulator.

The company in February reported a 2.8 percent rise in first-half net profit after tax to A$20.6 million.

Reporting by Susan Mathew in Bengaluru; Editing by Edwina Gibbs

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