Warburg Pincus drops exclusivity on $5.60 Ingenia bid
Key points
- Warburg Pincus has removed its exclusivity condition for a process deed in its takeover battle for Ingenia Communities Group.
- Ingenia shares dipped 0.84% to $5.30 following the announcement, trading below the rival's $5.60 offers.
- Both Warburg Pincus and AVID Property Group are competing to acquire Ingenia while its Peet acquisition remains active.
Private equity firm Warburg Pincus has dropped its demand for exclusivity on a process deed in its takeover bid for Ingenia Communities Group (ASX:INA), keeping its $5.60 per security proposal alive.
This shift allows Warburg Pincus to re-engage in due diligence despite a rival six-week soft exclusivity deal that Sydney developer AVID Property Group signed with Ingenia on Oct. 26.
Warburg Pincus left its November 6 offer unchanged at $5.55 per case per stapled security, plus a half-year distribution of up to $0.05 for the period ending Dec. 31.
The battle for control remains unresolved, as Ingenia’s board has not yet declared whether Warburg Pincus or AVID’s $5.60 offer beats its existing deal to buy Peet (ASX:PPC).
Following the announcement, the Ingenia share price was down at $5.30.
Warburg Pincus has raised its bid multiple times since Ingenia rejected its initial $4.75 per security approach on Sept. 7.
Meanwhile, Ingenia continues to advance its August scheme implementation deed to acquire Peet while evaluating both competing takeover proposals.
