The competition to buy out housing provider Ingenia has turned into a bidding war after its original suitor, Warburg Pincus, raised its offer and Ingenia said it would give rival buyer Avid Property Group the chance to match or beat the latest $5.50-a-share bid.
New York-based Warburg Pincus made its fourth offer, in a deal it said valued Ingenia at $3.2 billion, just two days after Avid, backed by an Abu Dhabi sovereign wealth fund and Canadian giant Brookfield, offered $5.40 and was given due diligence to access Ingenia’s books.
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