Trustees of Hometown Australia Management Pty. Ltd. and Hometown Australia Nominees Pty. Ltd. have extended the offer period for the A$2.25 apiece takeover offer for all the stapled securities of Gateway Lifestyle Group until Oct. 15 from the previous closing date of Oct. 8.

Hometown Group has amassed a relevant interest in 75.85% of Gateway stapled securities as at Oct. 4, with plans to appoint its nominees to majority of the seats on the Gateway board.

Gateway security holders who will not accept the offer will become minority holders if Hometown Group is unable to proceed with a compulsory acquisition, according to the bidder's letter sent to Gateway security holders. Risks faced by minority holders include a potential delisting of Gateway from the Australian stock exchange, Hometown Group added.

Additionally, the bidder said the price of the unconditional offer is final and will not be raised without a competing proposal.

Gateway's board has unanimously recommended the offer to its security holders.