Avid matches Warburg offer in Ingenia takeover contest

Avid Property Group has matched Warburg Pincus’s latest offer for Ingenia Communities, escalating the takeover contest and prompting Ingenia to exclude Warburg from its data room for now. Avid’s revised proposal is $5.45 cash per stapled security, not reduced by a permitted distribution; Warburg’s offer is $5.45 plus a distribution of up to 5 cents, bringing the potential total to $5.50. The competing proposals value Ingenia at about $3.2 billion, and the company’s board is assessing the offers.