Australia's Ingenia Communities mulls Warburg Pincus' improved buyout offer (updated)

Ingenia Communities

28/09/2026 02:10

Updates with Peet's statement in bullet 5
Sept 28 (Reuters) - Australia's Ingenia Communities Group INA.AX said on Monday it was assessing an improved A$2.14 billion ($1.50 billion) buyout offer from private equity firm Warburg Pincus after rejecting two earlier bids, sending its shares sharply higher.
     
Here are some more details:
The latest offer, at A$5.25 per share, is nearly 4% higher than the previous bid of A$5.05 apiece, or A$2.06 billion, and represents a 16.7% premium to the stock's last close.
It is 10.5% higher than the initial approach of A$4.75 per share, or A$1.94 billion.
Ingenia had rejected the previous two proposals, saying they "substantially" undervalued the firm.
In the current offer, Warburg Pincus retained the earlier condition that Ingenia abandon its planned $711-million acquisition of master-planned communities developer Peet PPC.AX, a deal Ingenia sees as central to its strategy.
Separately, Peet said its agreement with Ingenia remains in full effect, with its board recommending the buyout by Ingenia.
Ingenia said its board was assessing the revised proposal and had not yet formed a view on the offer or its conditions.
Ingenia board did not make any recommendation to shareholders with respect to the offer from Warburg Pincus.
Ingenia shares rose as much as 7.1% to hit their highest level since late January. The stock has climbed nearly 30% since early September when the firm first said it had been approached with a buyout offer.     
     
($1 = 1.4261 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh and Shravya Marakini in Bengaluru; Editing by Subhranshu Sahu)
 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))