Ingenia Communities Group will assess a new, higher takeover bid from private equity group Warburg Pincus and its affiliates, the company said Monday. The new non-binding, indicative proposal to acquire 100% of Ingenia’s shares prices them at A$5.25 ($3.68) per stapled security, which would give the business a market capitalization of around A$2.1 billion based on its current share count. Ingenia’s board is assessing the revised indicative proposal and “has not yet formed a view on the merits” of the new offer, the company said.

The offer is an increase from earlier bids of A$4.75 and A$5.05 per stapled security, which Ingenia rejected as undervaluing the company. The new bid includes several conditions, including that Ingenia will not proceed with the acquisition of Peet Limited, an Australian real estate development company it agreed to buy last month. The latest offer also includes conditions stating that Warburg Pincus can conduct due diligence on Ingenia, which it expects would take up to eight weeks.

Ingenia manages and develops retirement village accommodation in Australia.