Ingenia Rejects Improved $1.47b Takeover Offer by Warburg Pincus

Dow Jones
09/21
 
 

SYDNEY--Warburg Pincus failed with an improved US$1.47 billion play for Australian retirement village operator Ingenia Communities, which signaled that it would be prepared to consider higher offers.

Ingenia, which owns retirement villages and holiday parks in Australia, said Monday that the New York-based private-equity group had raised its indicative all-cash offer to 5.05 Australian dollars a share, equivalent to US$3.60.

That was 6.3% higher than Warburg Pincus's previous A$4.75-a-share proposal, which Ingenia rejected two weeks ago.

After consulting an independent adviser, Ingenia said its board determined that the revised proposal still substantially undervalued the company and was not in the best interests of its shareholders.

"The Ingenia board remains open to considering proposals that represent compelling value and are considered to be in the best interests of securityholders," Ingenia said.

"This has been communicated to Warburg Pincus and its advisers."

Warburg Pincus has more than US$9.0 billion invested in Asia-Pacific real-estate platforms and ventures, according to its website.

In 2025, it entered a joint venture with South Korean retirement-living developer SK D&D aimed at catering to the country's rapidly growing elderly population.

The venture was seeded with three high-quality, strategically located assets in Seoul's most amenitized districts,

On Sept. 7, Ingenia said Warburg Pincus's initial offer included a condition that Ingenia didn't proceed with its proposed acquisition of Australia-listed homebuilder Peet.

 
 

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