No deal has been agreed, and the Ingenia board has not recommended the proposal. The complication is Peet Limited, the Western Australian property group Ingenia had agreed to buy. AVID's offer is conditional on Ingenia terminating that agreement, and the board has not determined that AVID's bid is a superior proposal under the Peet deed. It is still working toward the Peet acquisition. Reporting on Warburg's pricing history is also inconsistent: it began with an undisclosed approach at A$4.75 in early September, and sources differ on whether its last revision was A$5.25 or A$5.35.
For counsel, the key issue is conditionality. AVID's proposal requires satisfactory due diligence, a unanimously recommended binding agreement, and Australian regulatory approvals, including foreign-investment and competition clearances. Watch whether Ingenia terminates the Peet agreement, whether the board declares AVID's proposal superior, and how Warburg responds. Observers note that Warburg's data-room access has often been restored once an excluded bidder raises its price or matches conditions, so the revocation may be a negotiating tactic rather than a final exclusion.