AVID Property Group Holdings has submitted an offer to buy Australian property operator Ingenia Communities Group for $US1.6 billion ($2.2 billion), Bloomberg reports. The proposed price of A$5.35 per share exceeds Warburg Pincus' previous offer. As part of the new proposal, Ingenia's board of directors granted AVID an exclusivity period of up to six weeks to conduct due diligence.

AVID Property Group Holdings has submitted an offer to buy Australian property operator Ingenia Communities Group for $US1.6 billion ($2.2 billion), Bloomberg reports. The proposed price of A$5.35 per share exceeds Warburg Pincus' previous offer. As part of the new proposal, Ingenia's board of directors granted AVID an exclusivity period of up to six weeks to conduct due diligence.