(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