AVID Property Group has matched Warburg Pincus' A$2.24 billion ($1.57 billion) takeover proposal for Australia's Ingenia Communities , Ingenia said on Monday, pushing its shares to a near 11-month high.

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AVID, a Sydney-based real estate developer, raised its offer to A$5.50 per share from A$5.40 The price includes a distribution of up to A$0.05 cash per share that property firm Ingenia will pay its shareholders for the half year ending December 31, 2026 The latest offer matches US-based Warburg Pincus' sweetened bid for Ingenia made on October 28 It represents a premium of 15.5% to Ingenia's last close before AVID's first indicative proposal on October 26 Ingenia said it does not yet intend to recommend that shareholders vote in favour of AVID's proposal and will continue its pursuit of residential property developer Peet (PPC.AX) Ingenia had proposed to buy out Peet in August, in a deal valuing the latter at A$992.5 million Warburg Pincus' access to Ingenia's books ended on Monday when a deadline expired Mark Elzayed, chief investment officer at Vestra Capital, said pursuing Peet while the takeover offers remain non-binding is a reasonable way to protect shareholder options "However, investors should expect the board to explain clearly how it compares an immediate cash exit with the longer term value and execution risks of acquiring Peet," Elzayed added Ingenia shares rose as much as 2.5% to A$5.445 on Monday, hitting their highest level since mid-December