July 10 (Reuters) - Australian retirement village owner Gateway Lifestyle Group (GTY) on Tuesday rejected Hometown America's revised takeover bid offering A$695 million ($514 million) in cash, saying it was not in the best interest of the company and its shareholders.
Earlier this month, Hometown America had offered to drop due diligence if Gateway agreed to its offer.
Gateway had earlier agreed to grant an exclusive due diligence to Canada's Brookfield Property Group, which made a non-binding A$2.30-a-share offer for Gateway on June 21.
