Ingenia Ends Warburg Pincus's Access as AVID Matches Offer -- Update

By Stuart Condie

SYDNEY--Australia's Ingenia Communities terminated Warburg Pincus's due diligence access after AVID Properties matched the New York-based private-equity group's offer for the retirement-village operator.

ASX-listed Ingenia on Monday said it closed its books to Warburg Pincus after L&G-controlled AVID raised its all-cash offer to 5.45 Australian dollars a share, equivalent to US$3.83.

The offer excludes any distribution for the six months through December up to A$0.05 a share, making it effectively worth A$5.50 a share.

Ingenia said that was equal or superior to last week's offer from Warburg Pincus. That offer had been a response to a A$5.35-a-share proposal by AVID, which had persuaded Ingenia's board to firm up discussions by entering into a process deed.

"The AVID process deed remains on foot and Ingenia has terminated Warburg Pincus's access to Ingenia's due diligence," Ingenia said in a statement.

AVID is a subsidiary of Proprium Capital Partners, which is 75% owned by U.K.-listed asset manager L&G. Its proposal was backed by a global sovereign wealth fund and a global financial sponsor, Ingenia said last week.

Both AVID and Warburg Pincus said their offer was conditional on Ingenia scrapping its proposed takeover of ASX-listed homebuilder Peet.

On Monday, Ingenia said its board had yet to decide whether AVID's offer represented a superior outcome for shareholders than the Peet acquisition.

Buoyed by the prospect of a takeover, shares in Ingenia have risen 45% since the start of September. They last traded at A$5.31.

If successful, AVID would add Ingenia to a portfolio that already includes planned community builder AVJennings. AVID acquired AVJennings for A$365 million in 2025 and delisted it from the ASX.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

November 01, 2026 17:01 ET (22:01 GMT)