On then 26th August, real-estate developer Peet (PPC AU) entered into a scrip Scheme with Ingenia (INA AU). Major shareholder (Anthony Lennon; ~14.5%) and board are/were supportive. It looked clean.
A number of shareholders immediately opposed the deal. Then Warburg pitched four proposals for Ingenia, eventually leading to Ingenia opening up its books. Those negotiations appear to be progressing positively.
The possible breakdown in the Stockton JV, a key condition to the Scheme, sees Peet further thrown to the curb, with the share price falling ~9% today.
The Trade:
Peet under the hammer as the Ingenia Scheme appears increasingly tenuous.
Irrespectively, value for Peet is emerging.
I’d be getting some exposure here, and loading up if this dips to ~A$1.30/share.