AVID Property matches $5.55 cash offer for Ingenia
By Jon CuthbertKey points
- AVID Property Group exercised its matching right with a revised buyout offer of $5.55 cash per security for Ingenia Communities Group.
- The proposal lifts total potential proceeds to $5.60 per security, keeping Ingenia's share price steady at $5.20.
- The revised bid aims to secure control of Ingenia's residential communities by matching a competing offer from Warburg Pincus.
AVID Property Group matched a buyout offer for Ingenia Communities Group (ASX:INA) at $5.55 cash per stapled security.
The proposal matches a competing bid from Warburg Pincus and exceeds AVID's prior $5.45 offer made on Nov. 2.
Ingenia stated that security holders would receive up to $5.60 per security, including an authorised $0.05 half-year dividend.
AVID agreed to extend deal exclusivity to Dec. 14 while granting rival bidders due diligence access until Nov. 13.
Following the announcement, the Ingenia Communities share price was unchanged at $5.29.
Ingenia owns and operates a portfolio of lifestyle communities and holiday parks across Australia's eastern states.
The group has attracted takeover bids from private equity suitors seeking exposure to Australia's residential land-lease sector.
