Australia’s Insignia Hits Over 3 Years as Bain Matches CC Capital’s $1.9B Offer By Investing.com
SYDNEY (Reuters) – Shares in Australian company Insignia Financial Ltd (ASX: ) rose to a more than three-year high on Thursday after U.S. private equity giant Bain Capital matched a A$3.07 billion ($1.92 billion) revised offer for takeover by CC Capital, deepening a competitive bidding war for the asset management company.
Bain’s latest offer of A$4.60 per share represents a 7% premium to its earlier offer of A$4.30 per share on 11 January 2025 and matches CC Capital’s offer of A$4.60 per share. This development intensifies competition between private equity firms for Insignia.
Insignia shares rose 2.7% to A$4.55, the highest level since October 2021.
Bain initially offered A$4.00 per share in December 2024, an offer that Insignia’s board rejected, saying it did not represent adequate fair value for shareholders.
CC Capital came in with a higher offer of A$4.30 per share, which Bain matched.
Insignia disclosed that it will provide Bain with limited access to non-public information to allow the bidder to potentially improve its offer. This access remains subject to the signing of a confidentiality and nondisclosure agreement with Bain.
The counteroffer is intensifying competition for one of Australia’s leading asset management companies, which manages more than A$200 billion in assets. Both suitors seek to capitalize on Insignia’s extensive client network and growth potential amid Australia’s rapidly expanding financial services sector.