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Avid matches Warburg Pincus bid of $5.50 a share for Ingenia Communities
Avid Property Group matches Warburg Pincus's $5.50-a-share bid for Ingenia Communities and locks rival out of data room for now.
Key points
- Avid raised its first offer of $5.40 a share to $5.50, matching Warburg Pincus's revised bid made late last week.
- Warburg Pincus is locked out of Ingenia's data room for now, according to the article.
- Ingenia said on Monday the offer gives it an enterprise value of $3.2 billion.
Why it matters. Matching the $5.50 bid and locking Warburg Pincus out of the data room for now shapes the contest for Ingenia, which the company values at an enterprise value of $3.2 billion.
Avid Property Group has matched the $5.50-a-share bid from New York-based private equity firm Warburg Pincus for ASX-listed Ingenia Communities, locking the rival out of the target's data room for now. Avid lifted its week-old first offer of $5.40 to equal the revised bid Warburg Pincus made late last week. Ingenia said on Monday that the offer gives it an enterprise value of $3.2 billion.
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Avid matches Warburg Pincus bid of $5.50 a share for Ingenia Communities
Avid Property Group has matched the latest $5.50-a-share bid from private equity firm Warburg Pincus for property developer Ingenia Communities. Avid had earlier made a first offer of $5.40 a share a week before. By matching the higher bid, Avid has also prevented its rival from conducting due diligence on Ingenia's businesses and operations for now. The contest values the Australian company at about $3.2 billion. Further bids or a board decision on the offers could follow.