Australia's Peet stock rises on $713 million buyout offer

Ingenia Communities

26/08/2026 06:05

** Shares of Australia's Peet PPC.AX rise as much as 12.7% to A$2.040, posting their steepest intraday pct gain since February 19
** Residential developer's stock hits highest level since March 10
** Property developer Ingenia Communities INA.AX offers to buy all shares in Peet at implied value of A$992.5 million ($712.91 million)
** Under the proposal, Peet shareholders would receive A$0.68 in cash and 0.3367 Ingenia stapled securities for each PPC share held, implying a value of A$2.12 per share
** Offer represents a 14.6% premium to Peet's last closing price on August 21 before it entered trading halt
** Ingenia shares slipped as much as 11.5% to an 11-week low of A$3.77
** PPC last up 9.7% with YTD gains of 0.8% 



($1 = 1.3922 Australian dollars)

 (Reporting by Paridhi Minda in Bengaluru)
 ((Paridhi.minda@thomsonreuters.com))