Australia's Ingenia Communities hits over a month high on rejecting sweetened buyout bid
BUZZ-Australia's Ingenia Communities hits over a month high on rejecting sweetened buyout bid Updates
** Shares of Australia's Ingenia Communities INA.AX rise as much as 4.9% to A$4.53, their highest level since Aug 7
** Stock posts biggest pct gain since Sept 7
** Citi says it sees upside for INA regardless of near-term outcomes, citing ongoing takeover interest and strong land-lease housing fundamentals
** Brokerage rates stock as "Buy"
** Property developer says it rejected a revised indicative takeover proposal of A$2.06 billion ($1.47 billion) from Warburg Pincus
** Sweetened offer of A$5.05/stapled security is higher than the prior A$4.75 bid and at a premium of nearly 17% to Ingenia's last closing price
** Firm's board believes revised proposal substantially undervalues co but remains open to considering proposals
** YTD, stock down 14.6%
($1 = 1.4039 Australian dollars)
(Reporting by Paridhi Minda & Aamir Sheik Khalid in Bengaluru)
((Paridhi.minda@thomsonreuters.com Aamir.SheikKhalid@thomsonreuters.com))
Recent news on Ingenia Communities
See all newsBrief: ASX Says Ingenia Communities Group Securities Temporarily Paused
Brief: Ingenia Communities Says It Is Not Aware Of Any Third Party Proposal
Deals of the day-Mergers and acquisitions
Australia's Ingenia jumps to 10-month high on sweetened bid from Warburg Pincus
Australia's Ingenia at 10-month high after Warburg Pincus lifts bid to $1.5 billion (updated)