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Australia’s Ingenia Communities Group has rejected an unsolicited takeover proposal from private equity firm Warburg Pincus that valued the property company at approximately A$1.9 billion ($1.4 billion), arguing that the offer significantly undervalued its business and future growth prospects.
Ingenia said on Monday that Warburg Pincus and its affiliates had proposed acquiring all issued securities in the Sydney-listed company for A$4.75 per security in cash through a scheme of arrangement.
Investors reacted strongly to news of the takeover approach. Ingenia shares surged 18.6% to A$4.33 by 00:43 GMT, bringing the stock closer to the proposed acquisition price.
The Warburg Pincus takeover proposal was non-binding and subject to several conditions, including satisfactory due diligence, regulatory approvals and the unanimous recommendation of Ingenia’s board.
A key condition of the bid was that Ingenia abandon its planned acquisition of Australian property developer Peet Limited. Warburg Pincus also stipulated that its A$4.75-per-security offer would be reduced by the value of any distributions paid to Ingenia investors before completion of the proposed transaction.
Ingenia, however, defended the Peet acquisition as an important part of its long-term strategy. The company said the transaction would provide a substantial development pipeline capable of supporting future expansion and strengthening its growth prospects.
After reviewing the Warburg Pincus proposal, Ingenia’s board determined that the offer did not adequately reflect the value of the company and therefore rejected the approach.
The takeover interest has nevertheless put Ingenia Communities in focus among Australian property investors, with the sharp rise in its share price reflecting expectations surrounding potential corporate activity.
Ingenia has appointed UBS and Denison Partners as financial advisers as it evaluates its strategic position. Australian law firm Gilbert + Tobin has been appointed as the company’s legal adviser.
