Ingenia Communities receives updated $5.25 takeover offer

• Ingenia Communities Group received an updated non-binding acquisition proposal from Warburg Pincus offering $5.25 cash per stapled security.
• Following the announcement, the company's security price traded at $4.07.
• Warburg Pincus seeks exclusive due diligence and board confirmation that its offer is superior to the proposed Peet transaction.

Ingenia Communities Group (ASX:INA) received an updated non-binding proposal from Warburg Pincus to acquire all issued securities for $5.25 cash per stapled security.

The revised terms follow the initial due diligence access granted on Oct. 5.

The proposal allows securityholders to retain a 1H27 distribution of up to $0.05 per security without lowering the offer price, subject to exclusive access confirmation by Oct. 19.

The board is assessing the update with financial and legal advisers before making a final determination.

Following the announcement, the Ingenia Communities Group share price was down at $4.07.

Warburg Pincus had previously submitted multiple non-binding proposals to acquire the lifestyle community operator.

The target business operates a portfolio of retirement villages and holiday parks across eastern Australia.