Warburg Pincus has been rebuffed in an unsolicited A$1.9bn ($1.4bn) bid for Ingenia Communities, after the Australian land-lease and holiday-park operator's board rejected the approach. Warburg offered A$4.75 (about $3.50) in cash per security, through a scheme of arrangement, a 30.1% premium to Ingenia's A$3.65 close on Friday. Measured against the company's net tangible assets of A$4.28 per security, however, the premium was only about 11%.

The proposal was also conditional and non-binding, subject to due diligence, regulatory approvals, and a unanimous board recommendation. The headline price would be trimmed by any distributions paid before completion, making A$4.75 a ceiling rather than a fixed sum.