Ingenia Communities (INA AU)‘s share price declined ~13% as shareholders didn’t take kindly to its 26th August cash/scrip Offer for real estate developer Peet Ltd (PPC AU).
Warburg Pincus saw an opportunity, and pitched a A$4.75/share NBIO, by way of a Scheme, on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected).
A third NBIO, at A$5.25/share, was announced this morning. Ingenia is assessing terms. As with the two previous bids, Warburg’s Offer is conditional on terminating the Peet Scheme.
The Trade:
Third time’s a charm? Quite possibly.
Ingenia should engage. And potentially extract a few more shekels.
Buy Ingenia.