Ingenia Communities rejects new Warburg Pincus buyback offer

Ingenia Communities Group (ASX:INA) rejected an amended non-binding buyout proposal from Warburg Pincus on Nov. 3, opting to keep its existing deal process with AVID Property Group intact.

The board determined that the updated proposal from Warburg Pincus offered no price improvement over AVID's revised $5.45 per security cash offer.

The revised bid from Warburg Pincus matched the $5.45 cas per stapled security price alongside a permitted distribution of up to $0.05 per security but sought amended exclusivity terms and immediate restoration of due diligence access.

Under the rejected terms, Warburg Pincus required Ingenia to issue AVID a matching right notice and terminate the AVID process deed by Nov. 6.

Ingenia stated that the fiduciary exceptions allowing due diligence access were not triggered, keeping Warburg Pincus cut off from company data rooms.

Following the announcement, the Ingenia Communities Group share price was down at $5.15.

The company operates, develops, and manages lifestyle and holiday communities across Australia, generating revenue from long-term land leases and tourism assets.

Ingenia has faced a multi-week bidding contest for control of its property portfolio, attracting competing non-binding indicative offers from private equity and property investment groups throughout late October and early November.