Bid conditioned on Ingenia halting Peet acquisition

Warburg Pincus told Ingenia Communities that its revised US$1.50 billion indicative offer depends on the Australian operator abandoning its planned acquisition of home builder Peet, according to a market filing Ingenia released Monday.

Ingenia, which owns retirement villages and holiday parks in Australia, said the New York-based private-equity firm raised its all-cash offer to A$5.25 a share, equivalent to US$3.69. The price is nearly 4% higher than the A$5.05-a-share proposal Ingenia rejected a week ago, and more than 10% above an initial A$4.75-a-share approach in early September.

The company said the offer was received late Friday and that its board is still assessing it. Ingenia said in the filing that the board “has not yet formed a view on the merits of the further revised indicative proposal, including the acceptability of the conditions.”

The revised bid carries several conditions. Beyond the requirement that Ingenia halt its pursuit of Peet, Warburg Pincus set an Oct. 2 deadline for Ingenia to agree to the terms of full due diligence and to confirm its intention to recommend the proposal.

About half an hour into Monday’s trading session on the ASX, Ingenia shares were up 6.8% at A$4.805.

Warburg Pincus has more than US$10.0 billion invested in Asia-Pacific real-estate platforms and ventures, according to the firm. The private-equity group already has exposure to retirement living in the region through a joint venture with South Korean developer SK D&D. The venture was seeded in 2025 with three high-quality, strategically located assets in Seoul and is designed to cater to what Warburg Pincus described as South Korea’s rapidly growing elderly population.

The revised approach follows two earlier bids that neither side described as accepted. Ingenia’s rejection of the previous proposal last week left open the path for further negotiation, and the latest terms extend the timeline by requiring the Australian operator to decide by early October whether to permit a full look at its books.