Australia's Insignia climbs on extension of due diligence period for bidders

Insignia Financial

17/04/2025 06:27

** Shares of Insignia Financial IFL.AX rise 3.5% to A$3.725

** Stock rises as much as 4.7%, marking its biggest intraday gain since April 10

** Wealth manager says it extended exclusivity period by four weeks for private equity bidders Bain Capital and CC Capital Partners to consider acquisition proposals

** Extension follows requests from Bain and CC Capital to finalise debt funding and complete due diligence

** Both suitors value IFL at A$3.34 billion ($2.12 billion)

** Stock up 4.8% YTD

($1 = 1.5773 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))