In Ingenia (INA AU): AVID Steps Up. Warburg Will Counter/Match. Peet Is A Buy, as the title suggests, I expected Warburg to match/bump. And so they have.
Warburg, in tandem with Australian Retirement Trust and the Lederer family, has bumped A$0.10/share to A$5.50/share including (up to) a A$0.05/share distribution for 1H27E.
This triggers AVID’s matching rights under the Process Deed with Ingenia (INA AU). It has until the 1st November to respond. But Warburg is very much in the driver’s seat.
The Trade:
Trading at a 4.7% gross spread to Warburg’s revised terms.
And perhaps 10% annualised if completion next April. Getting full.
I’d still be picking up Peet here and on weakness.
This insight is labelled bullish as I’m not bearish Ingenia here. But we are close to the end game.