Ingenia rejects sweetened $2 billion Warburg Pincus takeover bid

Ingenia Communities has rejected a revised, non-binding takeover proposal from the US private equity firm Warburg Pincus. The sweetened offer, valued at approximately $2 billion, proposed $5.05 per security in cash, an increase from the previous bid of $4.75 per share.

The Ingenia board stated that the revised terms still “substantially undervalues” the group and do not serve the best interests of its securityholders. While the board remains open to proposals that offer compelling value, it has declined this specific iteration.

A condition of the Warburg Pincus proposal is that Ingenia must abandon its previously agreed acquisition of Perth-based developer Peet. Ingenia has expressed significant interest in the Peet deal, which would grant control over more than 26,000 lots across 40 projects. The company estimates that converting a portion of these lots into land-lease communities could represent a development opportunity valued at approximately $1 billion.