Ingenia Communities shares jump as it rejects sweetened $1.47 bln buyout bid
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 revised indicative takeover proposal of A$2.06 billion ($1.47 billion) from Warburg Pincus. The sweetened offer of A$5.05 per stapled security is higher than the prior A$4.75 bid and represents a premium of nearly 17% to Ingenia's last closing price. The company's board believes the revised proposal substantially undervalues the company but remains open to considering other proposals.
47 billion) from Warburg Pincus. 75 offer and carried a premium of nearly 17% to Ingenia's last closing price. The board said it considered the revised proposal to substantially undervalue the company, but it remained open to considering proposals. Citi said it sees upside for INA regardless of near-term outcomes, citing ongoing takeover interest and strong land-lease housing fundamentals.
The brokerage rates the stock as "Buy". 6% year to date. 4039 Australian dollars)