Australia’s Ingenia rejects $1.4 bln Warburg Pincus buyout bid
Australia's Ingenia Communities Group has turned down a $1.4 billion takeover bid from private equity firm Warburg Pincus, deeming the offer an "insufficient reflection" of the property group's value. Warburg Pincus and its affiliates offered to purchase all of Ingenia's shares at A$4.75 each in a cash scheme of arrangement, provided the deal cleared due diligence, regulatory approval, and Ingenia's board.
The non-binding proposal also required Ingenia to abandon its planned acquisition of Peet Limited, with the offer price adjusted based on any distributions made prior to completion. Ingenia has enlisted UBS, Denison Partners, and Gilbert + Tobin to serve as financial advisers and legal counsel, respectively.
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