On the 5th October 2026, Ingenia Communities (INA AU) (finally) extended due diligence to Warburg Pincus on a non-exclusive basis, after Warburg bumped (again) its non-binding terms to A$5.25/share.
In Ingenia (INA AU) Engages With Warburg. That’s The Right Outcome, I mused there was scope for a bump. Warburg will now allow the 1H27 distribution (~A$0.05/share) to be added.
With conditions. Access to exclusive DD. And that the revised proposal is more favourable than Ingenia taking out Peet Ltd (PPC AU). Ingenia’s board has until 19th October to decide.
The Trade:
Ingenia is rolling over (down ~16% in two days). And Peet popping.
No official rejection from Ingenia; but arbs aggressively unwinding suggests a soft no to Warburg’s terms, especially at it relates to abandoning the Peet Offer.
At A$4/share as I type, Ingenia is trading ~5% below its undisturbed price ahead of the Peet Offer.
Further to fall (it would appear), given Ingenia’s shares fell to A$3.60/share shortly after the proposal for Peet.
Not the outcome I was expecting.