Citi upbeat on Ingenia Communities after receiving third buyout bid

By Reuters News

** Citi sees upside in Australia's Ingenia Communities INA.AX after receiving a third takeover offer

** On Monday, the property developer said it was assessing an improved A$2.14 billion ($1.50 billion) buyout offer from private equity firm Warburg Pincus

** Brokerage says offer has potential to be lucrative, and sees another offer as likely to happen

** Adds that the takeover price in the range of A$5.25-A$5.50/share would be compelling in the near term, given an uncertain residential environment

** YTD, INA down nearly 8%, as of stock's last close

($1 = 1.4233 Australian dollars)

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