Gateway Lifestyle Group appointed Hometown America Corp.'s President, Pat Zilis, to replace outgoing Board Chairman Andrew Love, after the latter company's A$2.25-apiece takeover offer for the Australian group became unconditional September-end.
Zilis, Kevin Tucker and Stuart Strong, have been appointed directors of Gateway Lifestyle Operations Ltd. Hometown previously said in its bidding statement that all directors of Gateway Lifestyle Operations, except Trent Ottawa and Andrew Fay, intended to resign if the suitor's interest in the target surpassed 50%.
Additionally, the group's independent nonexecutive directors, Love, Stephen Newton, Rachel Launders and Sally Evans, are also retiring from its board, according to a release.
The board changes are effective Oct. 10.
The acceptance period for Hometown's offer for all the stapled securities of the Gateway group will end Oct. 15.