Avid raises non-binding offer for Ingenia Communities to A$5.45 per security

what happened

Ingenia Communities Group said Avid had provided a revised non-binding indicative proposal at A$5.45 in cash per stapled security. Under the updated terms, securityholders could receive up to A$5.50 in cash for each one.

The company stressed there was no certainty that the revised proposal would lead to a formal binding offer or to any transaction. Ingenia has also ended Warburg Pincus' access to its due diligence process.

Ingenia said the revised Avid proposal is not currently a bidder superior proposal for the purposes of its agreement with Peet, and its board has not yet determined whether it meets that test.

why it matters

For investors, the key issues are the possible premium to Ingenia's share price and the uncertainty over how talks will end. Without a deal in place, the market will likely focus on Avid's next statements and the board's decision on the Peet agreement criteria.

market impact

Ingenia Communities: the higher Avid offer supports the share price, but no deal is guaranteed yet

• ▲Ingenia Communities shares pressure up — revised cash offer of A$5.45 per security sets a higher reference price

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