The US giant has lifted its initial $635 million bid for our biggest land lease developer again, changing its offer to an off-market cash takeover at $2.25 per share and dropping its demand for due diligence.

If it wins a recommendation for Gateway’s board, Hometown says it will increase the offer price to $2.30 per share, or $2.3535 per share once distributions are taken into account.

As we covered here last week, asset manager Brookfield had trumped Hometown with an offer of $2.30 per share and Gateway’s board provided exclusive due diligence to them.

Gateway is advising its securityholders to take no action while its Board considers the new offer.