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