Ingenia (INA AU)‘s board is, evidently, not the biggest supporter of Warburg, after repeatedly/stubbornly (?) rebuffing its NBIOs, only to enter into a process deed with AVID’s leapfrogged NBIO.
On the 28th October, Warburg, in tandem with Australian Retirement Trust and the Lederer family, bumped A$0.10/share to A$5.50/share including (up to) a A$0.05/share distribution for 1H27E.
That NBIO was A$0.10/share above AVID’s unsolicited offer. AVID has now matched those terms, maintaining its process deed, and in turn, terminating Warburg’s DD access. Expect Warburg to counter.
The Trade:
Trading at a 2.2% gross spread to AVID/Warburg’s terms. And perhaps ~5% annualised if completion next April.
There’s still room for added bumps. In small increments.
I’d also be picking up Peet Ltd (PPC AU) here and on weakness.
This insight is labelled bullish as I’m not bearish Ingenia here. But we are close to the end game.