Citi sees upside for Australia's Ingenia after $1.6 billion buyout bid from AVID

Ingenia Communities

Mon 19:50

** Citi analysts are adding upside to their 30-day short-term view on Ingenia Communities INA.AX; retain price target of A$5.43 and "buy" rating
** Ingenia on Monday received a A$5.40 per share buyout proposal from AVID Property, valuing the land-lease community operator at A$2.20 billion ($1.55 billion)
** Citi sees further M&A activity and potential bids for the company as near-term catalysts for INA's share price
** Brokerage adds the bid increases the chance of a successful buyout of Ingenia Communities
** Ingenia board decided to enter into a process deed with AVID and give it a period of "soft exclusivity" of up to six weeks; terminated Warburg Pincus' access to the data room
** INA down 3.3% YTD, as of last close
($1 = 1.4235 Australian dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru)
 ((Keshav.singhchundawat@thomsonreuters.com))