Warburg Pincus takeover bid for Australia's Ingenia a 'poor offer', Morningstar says
BUZZ-Warburg Pincus takeover bid for Australia's Ingenia a 'poor offer', Morningstar says ** Australia's Ingenia Communities INA.AX on Monday turned down A$1.94 billion ($1.40 billion) buyout offer from Warburg Pincus, saying bid was undervalued
** Morningstar believes bid was a 'poor offer'; offer price of A$4.75 per share a 17% discount to investment research firm's retained fair value estimate of A$5.70 per share
** Morningstar believes Warburg Pincus was looking to capitalise on Ingenia's low share price, which dropped more than 13% in last week of August on news of co offering to buy Peet PPC.AX for A$992.5 million
** One of Warburg Pincus conditions is Ingenia's acquisition of Peet not proceeding
** Separately, Morningstar value-neutral on proposed Peet acquisition but thinks it introduces risks given cyclical business model
($1 = 1.3858 Australian dollars)
(Reporting by Nichiket Sunil in Bengaluru)
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