Australia's Ingenia Communities mulls Warburg Pincus' improved buyout offer

By Reuters News

Sept 28 (Reuters) - Australia's Ingenia Communities Group INA.AX said on Monday it was assessing an improved A$2.14 billion ($1.50 billion) buyout offer from private equity firm Warburg Pincus after rejecting two earlier bids .

Here are some more details:

  • The latest offer, at A$5.25 per share, is nearly 4% higher than the previous bid of A$5.05 apiece, or A$2.06 billion, and represents a 16.7% premium to the stock's last close.

  • It is 10.5% higher than the initial approach of A$4.75 per share, or A$1.94 billion.

  • Ingenia had rejected the previous two proposals, saying they "substantially" undervalued the firm.

  • In the current offer, Warburg Pincus retained the earlier condition that Ingenia abandon its planned $711-million acquisition of master-planned communities developer Peet PPC.AX, a deal Ingenia sees as central to its strategy.

  • Ingenia said its board was assessing the revised proposal and had not yet formed a view on the offer or its conditions.

  • The board did not make any recommendation to shareholders with respect to the offer.

($1 = 1.4261 Australian dollars)

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