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).
Here are some details:
AVID, a Sydney-based real estate developer, has revised its takeover proposal to A$5.50 apiece, with includes a distribution paid by Ingenia in respect of the half year ending 31 December 2026 of up to A$0.05 cash per share.
The latest offer matches US-based Warburg Pincus’ sweetened bid for Ingenia on October 28.
Ingenia, which develops and operates communities offering rental and holiday accommodation, said the AVID Process Deed remains on foot, and terminated Warburg Pincus’ access to the firm’s due diligence.
The latest offer from AVID represents a premium of 15.5 per cent to its last close before its first indicative proposal for Ingenia on October 26.
The Australian firm said it continues to work with Peet towards implementation of its proposed
acquisition of Peet.