Australia's Ingenia Communities opens books to Warburg Pincus after rejecting two prior bids

Ingenia Communities

05/10/2026 24:09

Oct 5 (Reuters) - Australian property developer Ingenia Communities Group INA.AX on Monday granted Warburg Pincus initial due diligence access on a non-exclusive basis after the US private equity firm raised its takeover offer for a third time. 

Here are more details:
The latest proposal, announced last week, values Ingenia at about A$2.14 billion ($1.49 billion). The A$5.25-a-share offer is nearly 4% higher than Warburg Pincus' previous A$5.05 offer, which Ingenia rejected as substantially undervaluing the company.
The due diligence access will allow Warburg Pincus to develop its revised indicative proposal into an offer.
In late August, Ingenia reached a A$992.5 million deal to buy residential property developer Peet PPC.AX. Ingenia said on Monday it would not halt that effort despite Warburg's offer condition that Ingenia not pursue Peet. 
Ingenia's board is assessing which deal would be better for shareholders and whether the Warburg proposal would qualify as superior as defined in the terms of the Peet agreement. 
Shares of Ingenia Communities were up 1.9% at A$4.870 in early trade. 

($1 = 1.4386 Australian dollars)

 (Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Cynthia Osterman)
 ((Aamir.SheikKhalid@thomsonreuters.com;))