Ingenia Communities Group to Acquire Peet Shares via Scheme of Arrangement; Shares Down 7%
MT Newswires Live
Yesterday
Ingenia Communities Group (ASX:INA) entered into a scheme implementation deed to acquire Peet (ASX:PPC) shares through a scheme of arrangement, according to a Wednesday filing with the Australian bourse.
Upon completion, Peet shareholders will receive cash consideration of AU$0.68 per share and scrip consideration of 0.3367 Ingenia stapled securities per Peet share, the filing said.
The acquisition is subject to certain conditions, including the establishment of a joint venture at Peet's Flagstone City project in Queensland, per the filing.
Ingenia Communities Group fell 7% in morning trade Wednesday, while Peet shares were up 10%.
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