Peet (ASX:PPC) said its scheme implementation deed with Ingenia Communities Group (ASX:INA) remains in effect and the proposed acquisition is progressing as planned, despite a revised non-binding proposal from Warburg Pincus, according to a Monday filing with the Australian bourse.

The company's board continues to unanimously recommend that shareholders vote in favor of the scheme, provided no superior proposal emerges, and the independent expert maintains that the deal is in shareholders' best interests, the filing added.

Peet's shares fell around 2% in recent Monday trade, while Ingenia Communities gained 6%.