The private equity firm wants a written statement that directors intend to recommend its bid by Oct. 2, along with an end to Ingenia's signed deal for Peet.
Ingenia Communities' board has three days to decide how far to go with Warburg Pincus.
The private equity firm's third proposal, A$5.25 a stapled security in cash, asks the Australian lifestyle-community operator's directors to provide a written indication by Oct. 2 that they intend to recommend it. The proposal is also subject to due diligence, financing and regulatory approvals.
It carries a condition that reaches beyond price. Ingenia would first have to terminate its scheme implementation deed with Peet Limited, the residential land developer it has agreed to acquire. Peet said on Monday that the deed "remains fully effective."
The market's read
Ingenia securities fell 1.05% on Tuesday to A$4.71, after rising about 5.8% on Monday. At that price the proposal sits about 11.5% above the market. Ingenia's market value was about A$1.9 billion, against the A$2.14 billion the bid implies for its equity.
The board said on Monday that it "has not yet formed a view" on A$5.25, after rejecting A$4.75 on Sept. 7 and A$5.05 on Sept. 21.
The valuation
Ingenia's latest results give the board a base for its answer. The company reported fiscal 2026 revenue of A$555.3 million, up 8%, and underlying profit of A$145.8 million, up 16%. Statutory profit rose 45% to A$186.4 million.
At A$2.14 billion, Warburg's offer values the equity at about 14.7 times underlying profit.
Friday
A written indication of support by Oct. 2 would move talks into due diligence and put the Peet deal in question. A refusal, or a request for more time or a higher price, would leave Warburg to decide whether to bid a fourth time. The size of the gap between A$4.71 and A$5.25 after Friday will show how the market reads the board's choice.