Avid Property Group has matched rival bidder Warburg Pincus’ $5.60-a-share latest bid for property developer Ingenia Communities but failed to dislodge the private equity firm from Ingenia’s data room, after it gained access last week with its improved offer for the ASX-listed company.
Avid’s move on Tuesday came at the end of the four days allowed for it to match Warburg Pincus’ Friday offer , and meant Avid remained in a formal process that could lead to a takeover of Ingenia, which develops and operates so-called land lease communities for downsizing home owners.
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