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Gateway Lifestyle Group (ASX:GTY) shares down on takeover details

Shares in residential home estate developer Gateway Lifestyle Group (ASX: GTY) are down 0.8% today at $2.32 after more details emerge into the takeover offer from Hometown Australia.

Hometown today announced its intention to make a conditional, off-market, cash takeover offer for 100% of Gateway Lifestyle Group at $2.25 per stapled security.

The offer is less than a revised offer from Hometown on June 25, and less again than a counter off from Brookfield on June 21 to challenge Hometown’s initial play for takeover on June 13.

The Gateway Lifestyle board is currently considering the proposal and its implications for shareholders with investors no doubt craving some information on this one.

Elsewhere in the sector Ingenia Communities Group (ASX: INA) recently upgraded its FY18 EBIT guidance, with its share price rising 18% from $2.63 on June 20 to $3.11 on June 27.

Aveo Group (ASX: AOG) is in the red at $2.44 at the time of writing while Lifestyle Communities Limited (ASX: LIC) shares are up 1% to $5.74.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.