Ingenia Offers to Buy Peet for 711 Million Dollars
Ingenia Communities has offered to acquire residential property developer Peet in a deal valued at approximately 711 million dollars. The proposal aims to expand Ingenia presence in the Australian housing market through a cash and stock transaction.
Australian property developer Ingenia Communities offered to buy Peet on Wednesday morning in a deal valuing the residential builder at A$992.5 million ($710.93 million). The proposal aims to expand Ingenia's footprint across Australia's housing market following a period of softer sales volumes. The buyout provides Peet shareholders A$0.68 in cash and 0.3367 Ingenia stapled securities per share, representing a 17.1% premium.
