Australia's Ingenia extends Warburg Pincus talks, grants due diligence access
Australia's Ingenia extends Warburg Pincus talks, grants due diligence access Oct 20 (Reuters) - Ingenia Communities Group INA.AX said on Tuesday it has extended discussions with Warburg Pincus on a process deed and granted the US private-equity firm comprehensive due diligence access.
Ingenia said it would sign a process deed with Warburg Pincus no later than October 23, less than a week after it provided due dilligence to the US firm on an exclusive basis
Earlier this month, the Australian property developer opened its books to Warburg Pincus on a non-exclusive basis after receiving an improved takeover offer of A$5.25 per share
Warburg Pincus first approached Ingenia in early September with an offer of A$4.75 per share, which was later raised to A$5.05 a share within two weeks
Ingenia rejected the first two bids, saying they "substantially" undervalued the firm
Ingenia's board said on Tuesday there was no certainty the Warburg Pincus proposal would result in a formal binding offer
Ingenia continues to work with residential property developer Peet PPC.AX on its A$992.5 million acquisition announced in late-August
Shares of Ingenia were up as much as 9% and on track for their best session since September 7, if the current momentum persists
(Reporting by Sherin Sunny in Bengaluru; Editing by Sherry Jacob-Phillips)
((Sherin.Sunny@thomsonreuters.com;))
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