Warburg Pincus raises Ingenia bid again
Warburg Pincus has increased its proposed offer for Australian retirement living and holiday park operator Ingenia Communities to approximately $1.5bn, raising the prospect of a renewed takeover battle for the ASX-listed company, according to a report by he Wall Street Journal.
Warburg Pincus has raised its bid for Australian retirement living and holiday park operator Ingenia Communities to around $1.5 billion, according to the Wall Street Journal. The New York-based private equity firm is now offering $5.25 per Ingenia share, up from the $5.05 offer previously rejected by the company's board, and significantly higher than its initial $4.75-a-share proposal in early September.
Ingenia has received the latest proposal and its board is still evaluating the terms. The offer is conditional on Ingenia agreeing to a full due diligence process by October 2nd and confirming its intention to recommend the offer to shareholders. Ingenia's board has not yet decided on the merits of the revised proposal or the terms attached to it.
Warburg Pincus has a condition for its interest in Ingenia: the company must cancel its planned acquisition of Australian homebuilder Peet, which is also listed on the ASX. Ingenia manages retirement communities and holiday parks across Australia, presenting Warburg Pincus with an opportunity to grow its presence in the country's expanding retirement living market.
The private equity firm has already invested over $10 billion in real estate and related businesses throughout the Asia-Pacific region.
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