AVID, a subsidiary of Proprium Capital Partners backed by L&G, raised its bid to 5.45 Australian dollars per share. When accounting for an excluded distribution of 0.05 Australian dollars, the total value reaches 5.50 Australian dollars per share. Ingenia’s board confirmed that this proposal is at least equal to the offer submitted by Warburg Pincus last week.
In section Market Quotes
Ingenia Cuts Off Warburg Pincus as AVID Matches Takeover Bid
A bidding war for Australian retirement-village operator Ingenia Communities shifted on Monday as the company revoked Warburg Pincus’s access to its private financial records. The move followed a revised all-cash offer from AVID Properties, which matched the private-equity firm’s previous valuation and effectively outbid the New York-based group.
Both potential buyers have conditioned their interest on Ingenia abandoning its planned acquisition of the homebuilder Peet. Ingenia’s board is currently evaluating whether the AVID takeover creates more value for shareholders than proceeding with the Peet deal. Since the start of September, investor optimism surrounding a potential sale has driven Ingenia’s stock price up 45%, with shares most recently trading at 5.31 Australian dollars.
Comments (0)
No comments yet. Be the first!