Warburg Pincus has been granted comprehensive due diligence access to Ingenia Communities Group as the two sides extend negotiations over a process deed that would set the terms of a possible take-private of the Australian land lease and holiday parks operator.
According to an announcement on Tuesday, the parties will now try to agree the deed by no later than Friday 23 October. The original deadline was 19 October, which Warburg had made a condition of its proposal. In the meantime, Ingenia will allow the private equity firm to carry out comprehensive due diligence.
The proposal values Ingenia at A$5.25 ($3.67) cash per stapled security, to be implemented through a scheme of arrangement. The offer represents a fresh attempt to take the company private.
It is Warburg's third attempt in six weeks, underscoring the firm's sustained interest in acquiring the Australian operator and the pressure on both sides to reach agreement on the deed's terms.
Source: PE Insights · Summarized by HeadlinesBriefing