Australia's Ingenia heads for best day in 16 years after rejecting $1.4 billion bid
BUZZ-Australia's Ingenia heads for best day in 16 years after rejecting $1.4 billion bid ** Shares of Australia's Ingenia Communities INA.AX rise as much as 17.1% to A$4.275, marking their biggest intraday pct gain since August 12, 2010
** Stock hits highest level since August 26; top gainer on the ASX 200 benchmark .AXJO
** Property developer Ingenia Communities says it has rejected a takeover proposal from private equity firm Warburg Pincus and its affiliates valuing the company at about A$1.94 billion ($1.40 billion)
** New York-headquartered Warburg Pincus offered to buy all Ingenia shares at A$4.75 apiece, a more than 30% premium to INA's last close
** In an email response to Reuters, Warburg Pincus says it remains open to "engaging constructively" with the Ingenia board
** Stock last up 16.7%, trimming YTD losses to 17.5%
($1 = 1.3881 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
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