Third time’s a charm as Ingenia Communities (INA AU) extends due diligence to Warburg Pincus on a non-exclusive basis.
The DD access arrives after Warburg initially pitched a A$4.75/share NBIO on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected), then A$5.25/share on the 28th September.
As with the two previous bids, Warburg’s last proposal is conditional on Ingenia terminating the Peet Ltd (PPC AU) Scheme: Peet Ltd (PPC AU): Ingenia Communities (INA AU)’s Clean Scheme.
The Trade:
I’d buy Ingenia here.
There’s potential for more gruel.
Pushback? Terms are indicative. However, Warburg has (reportedly) been running a ruler over Ingenia (and other Aussie-listed retirement living operators) since at least 2022.