Ingenia Communities rejects $4.75 takeover bid from Warburg
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- 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.
