Avid Property Group has elbowed private equity firm Warburg Pincus aside in the battle to acquire property developer Ingenia by matching the private equity firm’s latest $5.50-a-share bid and locking it out of the business’s data room for now.
Property investment and development group Avid upped its week-old first offer of $5.40 to equal the revised bid Warburg Pincus made late last week, giving Ingenia an enterprise value of $3.2 billion, the ASX-listed target said on Monday.
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