Gateway Lifestyle, Australian retirement village owner, recommended shareholders accept Hometown America’s AUD695m ($508.5m) takeover offer, after a pursuit involving a rival suitor. The AUD2.25 offer price is at a slight discount of 0.4% to Gateway’s last close. Hometown first made an offer in June at AUD2.10 per share, valuing the firm at AUD635 million. This was closely followed by Canada’s Brookfield Asset Management Inc launching a AUD2.30 per share offer for Gateway. Later in June, Hometown upped its price to AUD2.35 per share and then to AUD2.30 to reflect a 5.35 Australian cents dividend that Gateway had promised to pay out during the bidding contest. Hometown said the AUD2.30 held without due diligence or it would slip to AUD2.25 if Gateway was unwilling to agree to the higher price. Gateway initially rejected these offers, but changed its mind after Australia media reported that Brookfield was set to exit the race. While backing the AUD$2.25 offer, Gateway directors also urged security holders to consider the outstanding conditions of Hometown’s offer.