Ingenia Communities grants Warburg Pincus due diligence access
- Ingenia Communities Group has granted private equity group Warburg Pincus initial due diligence access following a revised $5.25 takeover offer.
- The non-binding offer values the company's stapled securities at $5.25 per share in cash, though the board has not yet endorsed the bid.
- Ingenia stated the access allows Warburg Pincus to potentially formulate a binding superior proposal under its existing agreement with Peet.
Ingenia Communities Group (ASX:INA) has agreed to grant Warburg Pincus initial due diligence access following a revised $5.25 cash per stapled security acquisition proposal.
The revised non-binding proposal follows earlier indicative takeover bids from Warburg Pincus at lower prices of $4.75 and $5.05 per stapled security.
The company stated that its board has not yet determined whether the revised proposal constitutes a superior bid compared to its active implementation deed with Peet (ASX:PPC).
Under the arrangement, Ingenia confirmed that due diligence will be conducted on a non-exclusive basis subject to a confidentiality agreement.
Following the announcement, the Ingenia Communities Group share price was unchanged at $4.90.
The real estate group is concurrently continuing to progress its planned acquisition of Peet under the terms of their existing agreement.
The company highlighted that its board has established a governance framework to evaluate incoming external proposals while managing current commitments.
