Ingenia Communities rejects $4.75 takeover bid from Warburg

• Ingenia Communities Group rejected an unsolicited $4.75 per security cash takeover offer from Warburg Pincus.
• The company's board stated the proposal substantially undervalues the business and is not in the best interests of security holders.
• Ingenia plans to focus on executing its current strategy and advancing its proposed acquisition of Peet.

Ingenia Communities Group (ASX:INA) rejected an unsolicited takeover proposal from Warburg Pincus valued at $4.75 cash per security.

The non-binding offer was conditional on Ingenia cancelling its planned acquisition of Peet (ASX:PPC).

The proposal's cash price would be reduced by any future distributions paid prior to deal implementation.

Following the announcement the Ingenia Communities Group share price was unchanged at $3.65.

The company highlighted long-term tailwinds in the land lease communities sector and holiday parks segment.

Ingenia appointed UBS, Denison Partners, and Gilbert + Tobin as financial and legal advisers to review the offer.