AVID Property submits A$5.40 per share offer for Ingenia Communities
AVID Property Group Holdings has offered A$5.40 for each Ingenia Communities share, valuing the Australian firm at A$2.20 billion.
Ingenia Communities announced that it received a takeover proposal from AVID Property Group Holdings, pricing each share at A$5.40 and valuing the company at A$2.20 billion. The offer represents a 13.4% premium over Ingenia’s previous closing price and surpasses Warburg Pincus’ most recent bid of A$5.25 per share. Following the proposal, Ingenia’s board entered a process deed with AVID, granting the bidder a soft-exclusivity window of up to six weeks and consequently revoking Warburg Pincus’ access to the data room.
The new bid adds a competing suitor to the ongoing contest after Warburg Pincus had already made three rounds of offers. AVID’s proposal could affect Ingenia’s pending acquisition plans, as the deal is contingent on terminating an existing implementation deed with another party.
Why it matters
The bid could reshape ownership of a major Australian land-lease community developer and impact pending acquisition deals.
In this story
