Ingenia Communities rejects higher takeover bid, shares jump
Shares of Australia's Ingenia Communities rose as much as 4.9% to A$4.53, their highest level since Aug 7, after the property developer rejected a sweetened indicative takeover proposal of A$2.06 billion ($1.47 billion) from Warburg Pincus. The revised offer of A$5.05 per stapled security, while higher than the prior A$4.75 bid, was deemed by the board to substantially undervalue the company.
47 billion) from Warburg Pincus. 6% year to date. The company's board said the revised proposal substantially undervalues the company and is not in the best interests of securityholders, but added that it remains open to considering proposals. The shares hit their biggest intraday percentage gain since Sept 7.
4039 Australian dollars)