Avid Property Group, which last year acquired venerable housing developer AVJennings , has leapfrogged Warburg Pincus in the race to buy Ingenia Communities with a $5.40-a-share proposal that it said gave the land lease developer an enterprise value of $3.2 billion.
Avid’s indicative offer, backed by Abu Dhabi sovereign wealth fund Mubadala Investment Company and investor Brookfield, topped Warburg Pincus’ most recent bid worth $5.30 a share and prompted ASX-listed Ingenia to enter into a process deed with Avid and give it a six-week period of exclusivity for negotiations.
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