Ingenia Shares Hit High on AVID Buyout Bid
Ingenia Communities Group shares reached a nine-month high after receiving a $1.5 billion takeover proposal from AVID Property Group. The new bid surpasses previous offers from Warburg Pincus, prompting Ingenia to grant AVID exclusive access for further talks.
Ingenia Communities Group received a $1.54 billion buyout bid from AVID Property Group on Monday morning. The A$2.2 billion offer beats three prior proposals from Warburg Pincus. The bid pushed shares to a nine-month high in Australia.
Ingenia shares jumped 5% to close at A$5 after climbing as much as 9.1% during the Monday session. AVID's proposal offers A$5.40 per share, topping the latest A$5.25 bid from Warburg Pincus. The new offer represents a 13.4% premium over Friday's closing price.
