Hometown Australia Management Pty. Ltd. and Hometown Australia Nominees Pty. Ltd.'s trustees closed Oct. 15 the off-market A$2.25-per-security takeover bid for Gateway Lifestyle Group after securing a 96.45% stake in the target's stapled securities.

The acquirers started the compulsory acquisition process to pick up all the remaining Gateway stapled securities they do not yet own after having amassed a more than 90% interest in the target Oct. 11, in line with the Corporations Act 2001.

Gateway security holders who accept the offer by Oct. 15 will receive A$2.25 in cash for each Gateway security within seven business days of the receipt of their valid acceptances, while security holders who do not accept by the deadline will still have their securities compulsorily purchased, but will receive the payment consideration a few weeks later.