Ingenia Communities rejects revised $5.05 takeover bid from Warburg
- Ingenia Communities Group has rejected a revised, non-binding takeover proposal from Warburg Pincus at $5.05 per stapled security.
- Following the rejection, Ingenia shares traded at $4.19 as the board maintained its focus on independent operations.
- The company rejected the offer to pursue its own strategic direction and long-term growth trajectory.
Ingenia Communities Group (ASX:INA) has rejected a revised non-binding takeover offer from Warburg Pincus that priced the company at $5.05 per stapled security.
The higher offer followed a previous proposal of $4.75 per stapled security from Warburg Pincus.
"The Ingenia board has determined that, despite the terms being improved from the initial proposal, the revised indicative proposal substantially undervalues Ingenia and is not in the best interests of its securityholders," stated the announcement.
The proposal contained conditions including due diligence, regulatory approvals, a unanimous board recommendation, and dropping a proposed acquisition of Peet (ASX:PPC).
The board stated that it remains open to considering compelling value proposals while continuing its growth plans.
Following the announcement the Ingenia Communities Group share price was unchanged at $4.32.
The Australian real estate entity specialises in lifestyle communities and holiday accommodation for retirees and travellers.
The company recently entered an agreement to acquire residential land developer Peet to expand its property development pipeline.
