AVID matches Warburg Pincus' sweetened US$1.6bil bid for Australia's Ingenia
AUSTRALIA: Australia’s Ingenia Communities said on Monday that AVID Property Group had exercised its matching right under a process deed and submitted a revised takeover proposal that values the company at A$2.24 billion (US$1.57 billion).
Australia's Ingenia Communities announced on Monday that AVID Property Group has exercised its right under the process deed and submitted a revised takeover offer. The updated proposal values Ingenia at A$2.24 billion, or US$1.57 billion. AVID, a Sydney-based real estate developer, has matched the US-based Warburg Pincus' bid, which was sweetened on October 28.
The latest offer includes a distribution of up to A$0.05 cash per share by Ingenia, payable for the half year ending December 31, 2026. Ingenia, which develops and operates rental and holiday accommodation communities, stated that the AVID process deed remains active and has terminated Warburg Pincus' access to the firm's due diligence.
The AVID offer represents a 15.5% premium to its last close before the initial proposal on October 26. AVID continues to work with Peet towards the implementation of its proposed acquisition of Peet.
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