Warburg Pincus drops exclusivity on $5.60 Ingenia bid
Full story: https://grafa.com/en/news/australia/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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
