Brookfield bids for Aussie retirement community company Gateway Lifestyle

TORONTO — Brookfield Property Group has made a non-binding takeover offer for Gateway Lifestyle worth the equivalent of C$686 million, topping a rival bid for the Australian firm last week.

The arm of Brookfield Asset Management Inc. is offering AU$2.30 per stapled security valuing the retirement community company at about AU$698.6 million.

The proposal tops an offer last week by U.S. company Hometown America.

Hometown’s offer was worth AU$2.10 per security.

Gateway Lifestyle says it’s providing due diligence access to Brookfield on an exclusive basis, noting that its offer is superior to the Hometown bid.

The company added that there was no guarantee the Brookfield proposal or any discussions will lead to a formal binding offer.

Companies in this story: (TSX:BAM.A)

The Canadian Press