The proposal excludes a distribution of up to A$0.05 a share for the six months through December, bringing its effective value to A$5.60 a share. Ingenia said it would weigh the terms against AVID’s offer, which is effectively A$5.50 a share after the L&G-controlled bidder exercised its right to match Warburg Pincus’s previous proposal earlier this week.

Warburg Pincus has increased its bid several times since Ingenia rejected its initial A$4.75-a-share offer in September. Ingenia gave the U.S. private-equity group access to its data room last month, then revoked it a week later after AVID made an offer worth A$5.40 a share.

AVID is a subsidiary of Proprium Capital Partners, which is 75% owned by U.K.-listed asset manager L&G. Ingenia has said AVID’s proposal is backed by a global sovereign wealth fund and a global financial sponsor. Both bidders have made their offers conditional on Ingenia abandoning its proposed takeover of ASX-listed homebuilder Peet.

Ingenia shares have risen 42% since the start of September amid the takeover contest. They last traded at A$5.20.