July 2 (Reuters) - Hometown Australia Holdings:
* HOMETOWN TAKEOVER OFFER
* TAKEOVER OFFER FOR GATEWAY AT $2.25 PER STAPLED SECURITY
* PROPOSAL INCLUDES PROVISION TO LIFT TO $2.30 PER STAPLED SECURITY UPON EXECUTION OF BID IMPLEMENTATION AGREEMENT
* HOMETOWN'S OFFER IS NOT SUBJECT TO DUE DILIGENCE