Ingenia receives buyout proposal worth $5.40 per security
Key points
- AVID offers up to $5.40 per stapled security in cash to acquire Ingenia Communities Group.
- The offer represents an 82-cent premium over the closing market price.
- The acquisition remains subject to conditions, including due diligence and regulatory clearances.
Ingenia Communities Group (ASX:INA) received an unsolicited takeover proposal from AVID Property Group valuing the company at up to $5.40 cash per stapled security.
The proposed transaction offers an immediate cash premium compared to the prior trading close of $4.76 per security.
The offer comprises $5.35 in cash per stapled security alongside a permitted distribution of up to $0.05 for the half year ending Dec. 31.
Execution of the deal requires customary conditions, including due diligence completion and regulatory approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
AVID stated that the proposal is contingent on Ingenia terminating its existing scheme implementation deed with Peet (ASX:PPC).
Following the announcement, the Ingenia Communities Group share price was up at $5.01.
The company specialises in acquiring, managing, and developing lifestyle and holiday communities across Australia.
The latest acquisition bid comes as major property groups seek expansion opportunities in the Australian residential housing market.
