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AVID matches Warburg Pincus' sweetened $1.6 billion bid for Australia's Ingenia

By Reuters News

Nov 2 (Reuters) - Australia's Ingenia Communities said on Monday that AVID Property Group had exercised its matching right under a process deed and submitted a revised takeover proposal that values the company at A$2.24 billion ($1.57 billion).

Here are some details:

  • AVID, a Sydney-based real estate developer, has revised its takeover proposal to A$5.50 apiece, with includes a distribution paid by Ingenia in respect of the half year ending 31 December 2026 of up to A$0.05 cash per share.

  • The latest offer matches US-based Warburg Pincus' sweetened bid for Ingenia on October 28.

  • Ingenia, which develops and operates communities offering rental and holiday accommodation, said the AVID Process Deed remains on foot, and terminated Warburg Pincus' access to the firm's due diligence.

  • The latest offer from AVID represents a premium of 15.5% to its last close before its first indicative proposal for Ingenia on October 26.

  • The Australian firm said it continues to work with Peet towards implementation of its proposed acquisition of Peet.

($1 = 1.4225 Australian dollars)

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