AVID trumps Warburg Pincus bid for Ingenia
AVID Property Group has tabled a $2.2 billion takeover proposal for Ingenia Communities, backed by Abu Dhabi sovereign wealth fund Mubadala Investment Company and global asset manager Brookfield.
The $5.35-per-security cash offer, which could rise to $5.40 including a permitted distribution, estimating an enterprise value of c$3.2b, tops a rival bid from US private equity firm Warburg Pincus, which has now had its data room access terminated.
AVID, which last year acquired AV Jennings for $365m, now has six weeks to exclusively conduct due diligence and negotiate the proposal.
The competing proposals come as Ingenia pursues the acquisition of Western Australian property group Peet, which it agreed to buy for about $992.5m in August.
Warburg trumped
Warburg’s latest offer was $5.25 per security, following an initial approach at $4.75 in early September (continues below).
Both it and AVID’s proposal are conditional on Ingenia terminating the Peet agreement.
AVID is owned by Proprium Capital Partners.
Its Vantage platform operates in the land lease community sector, potentially expanding Ingenia’s residential accommodation and development footprint under a potential combination.
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