Hotel Property Investments' (ASX:HPI) board told shareholders to accept Charter Hall Retail REIT (ASX:CQR) and Hostplus' takeover offer of AU$3.785 per security, according to a Friday filing with the Australian bourse.
The board previously urged shareholders to reject the offer, saying that it does not compensate HPI shareholders and undervalues the REIT.
The board noted that Charter Hall and Hostplus have increased their stake in the REIT to more than 52%, allowing them to exert control over the board composition and the REIT's strategy, per the filing.
The offer closes on Jan. 31, 2025.
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