Ingenia Communities Group matches Warburg Pincus takeover proposal
Key points
- AVID Property Group exercised its matching right under its process deed with Ingenia Communities Group to present a revised cash offer.
- Ingenia Communities Group's share price was unchanged at $5.31 following the corporate market update.
- The board determined that the updated proposal delivers an equal or superior outcome for security holders, resulting in the termination of Warburg Pincus' due diligence access.
Ingenia Communities Group (ASX:INA) received a revised non-binding indicative proposal from AVID Property Group Holdings offering $5.45 cash per stapled security.
The new offer raises AVID Property Group's previous $5.35 cash bid from 26 October 2026 to equal the $5.45 cash per stapled security proposal submitted by Warburg Pincus on Oct. 28.
The board of Ingenia Communities Group evaluated the revised proposal under the process deed and determined in good faith that it provides an equal or superior outcome to security holders compared with the proposal from Warburg Pincus.
Under the terms of the revised proposal, securityholders will retain a permitted distribution of up to $0.05 cash per stapled security for the half year ending Dec. 31, bringing total potential consideration to $5.50 cash per stapled security.
Following the announcement, the Ingenia Communities Group share price was unchanged at $5.31.
The company stated that the revised proposal has not been determined to be a superior proposal under its existing scheme implementation deed with Peet Limited.
Ingenia Communities Group stated that it will continue to comply with its obligations under the Peet (ASX:PPC) agreement while keeping market participants informed of further transaction developments.
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