Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Third time's a charm as <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> extends due diligence to Warburg Pincus on a non-exclusive basis. </li>
<li>The DD access arrives after Warburg initially pitched a A$4.75/share NBIO on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected), then A$5.25/share on the 28th September.</li>
<li>As with the two previous bids, Warburg's last proposal is conditional on Ingenia terminating the <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a> Scheme: <a href="https://www.smartkarma.com/insights/peet-ltd-ppc-au-ingenia-communities-ina-au-s-clean-scheme" target="_blank" data-smartkarma-citation="insights:265574" rel="noopener">Peet Ltd (PPC AU): Ingenia Communities (INA AU)'s Clean Scheme</a>.</li>
</ul>


Third time's a charm as Ingenia Communities (INA AU) extends due diligence to Warburg Pincus on a non-exclusive basis. 
The DD access arrives after Warburg initially pitched a A$4.75/share NBIO on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected), then A$5.25/share on the 28th September.
As with the two previous bids, Warburg's last proposal is conditional on Ingenia terminating the Peet Ltd (PPC AU) Scheme: Peet Ltd (PPC AU): Ingenia Communities (INA AU)'s Clean Scheme.


Ingenia (INA AU) Engages With Warburg. That's The Right Outcome

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> received a revised Warburg Pincus proposal at A$5.25, a 4.0% premium to the prior A$5.05 offer and 22.7% to the undisturbed price. The Board is assessing it.</li>
<li>The offer implies only a modest control premium to sell-side price targets and peer multiples, but a third outright rejection would be hard to justify amid mounting shareholder pressure. </li>
<li>The offer lapses on Friday 2 October unless the Board grants due diligence. I expect engagement, and no “best and final” wording leaves room for a higher bid. </li>
</ul>



Ingenia Communities (INA AU) received a revised Warburg Pincus proposal at A$5.25, a 4.0% premium to the prior A$5.05 offer and 22.7% to the undisturbed price. The Board is assessing it.
The offer implies only a modest control premium to sell-side price targets and peer multiples, but a third outright rejection would be hard to justify amid mounting shareholder pressure. 
The offer lapses on Friday 2 October unless the Board grants due diligence. I expect engagement, and no “best and final” wording leaves room for a higher bid. 


Ingenia (INA AU): Warburg’s Third Offer at A$5.25 Puts the Board on the Clock

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>'s share price declined ~13% as shareholders didn't take kindly to its 26th August cash/scrip Offer for real estate developer <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU).</a>
</li>
<li>Warburg Pincus saw an opportunity, and pitched a A$4.75/share NBIO, by way of a Scheme, on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected).</li>
<li>A third NBIO, at A$5.25/share, was announced this morning. Ingenia is assessing terms. As with the two previous bids, Warburg's Offer is conditional on terminating the Peet Scheme.</li>
</ul>



Ingenia Communities (INA AU)'s share price declined ~13% as shareholders didn't take kindly to its 26th August cash/scrip Offer for real estate developer Peet Ltd (PPC AU).

Warburg Pincus saw an opportunity, and pitched a A$4.75/share NBIO, by way of a Scheme, on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected).
A third NBIO, at A$5.25/share, was announced this morning. Ingenia is assessing terms. As with the two previous bids, Warburg's Offer is conditional on terminating the Peet Scheme.


Ingenia Communities (INA AU) Mulls Warburg's Third Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> has rejected a revised NBIO from Warburg Pincus at A$5.05, a 6.3% premium to its previous A$4.75 offer and an 18.0% premium to the undisturbed price.</li>
<li>The Board has justification for rejecting the latest offer, as it implies a modest control premium relative to sell-side price targets and peer multiples. </li>
<li>Despite the rejection, Warburg is likely to return with at least another offer (possibly around A$5.25) as it is signalling an intent to keep negotiating. </li>
</ul>



Ingenia Communities (INA AU) has rejected a revised NBIO from Warburg Pincus at A$5.05, a 6.3% premium to its previous A$4.75 offer and an 18.0% premium to the undisturbed price.
The Board has justification for rejecting the latest offer, as it implies a modest control premium relative to sell-side price targets and peer multiples. 
Despite the rejection, Warburg is likely to return with at least another offer (possibly around A$5.25) as it is signalling an intent to keep negotiating. 


Ingenia (INA AU): Warburg’s Revised Offer Rejected, but the Gap to Fair Value Narrows

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> has rejected a non-binding proposal from Warburg Pincus at A$4.75, a 30.1% premium to the last close and a 11.0% premium to the undisturbed price.</li>
<li>The timing is opportunistic, and the offer is light as it implies no control premium and is below the 52-week high and sell-side price targets. </li>
<li>The proposal is conditional on abandoning the <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a> offer, which is facilitated by a fiduciary-out clause. An offer around A$5.15 is needed to test the Board’s resolve.   </li>
</ul>



Ingenia Communities (INA AU) has rejected a non-binding proposal from Warburg Pincus at A$4.75, a 30.1% premium to the last close and a 11.0% premium to the undisturbed price.
The timing is opportunistic, and the offer is light as it implies no control premium and is below the 52-week high and sell-side price targets. 
The proposal is conditional on abandoning the Peet Ltd (PPC AU) offer, which is facilitated by a fiduciary-out clause. An offer around A$5.15 is needed to test the Board’s resolve.   


Ingenia (INA AU): Warburg’s NBIO Was Rightly Rejected, but This Is Not Done Yet

Australia

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

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Ingenia Communities (INA AU)

Ingenia (INA AU) Engages With Warburg. That's The Right Outcome

I'd buy Ingenia here. There's potential for more gruel. Pushback? Terms are indicative. However, Warburg has (reportedly) been running a ruler over...

David Blennerhassett

Ingenia (INA AU): Warburg’s Third Offer at A$5.25 Puts the Board on the Clock

Warburg's A$5.25 offer (4.0% above A$5.05) carries a modest premium, but rejection looks hard amid shareholder pressure. It lapses on 2 Oct without...

Arun George