Hometown Australia Management Pty. Ltd. and Hometown Australia Nominees Pty. Ltd.'s trustees commenced a compulsory acquisition process after amassing a more than 90% interest in Gateway Lifestyle Group's stapled securities.

The off-market takeover offer is slated to close Oct. 15 after being extended from an earlier Oct. 8 deadline, with Hometown exercising its right to compulsorily acquire all remaining stapled securities of Gateway.

Gateway security holders who accept the offer by the closing date will receive A$2.25 in cash per each Gateway security within seven business days of receipt submitting their valid acceptances, while security holders who do not accept by the deadline will still have their securities compulsorily acquired, but will receive the payment consideration a number of weeks later.