Australia's Insignia Financial at 3-year peak as CC Capital's ups buyout bid

Insignia Financial

17/01/2025 03:06

(Updates)
    ** Insignia Financial  IFL.AX  jumps 5.2% to A$4.375,
highest since Oct 2021 and vs CC Capital's raised buyout offer
of A$4.60/shr
    ** CC Capital's new A$3.07 bln ($1.91 bln) proposal for the
money manager tops PE firm Bain Capital's A$2.87 bln offer
(A$4.30/shr)
    ** IFL hit an intraday peak of A$4.44 before easing; trading
vol in line with 30-day avg
    ** Brokerage Ord Minnett says CC Capital's offer tops upper
end of its est of A$4.50; thinks proposal deserves consideration
    ** Morningstar sees 75% chance of a deal at A$4.60; raises
fair value estimate to A$4.50
 
 ($1 = A$1.6108)

 (Reporting by Nikita Maria Jino and Nichiket Sunil in
Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;
Nichiket.Sunil@thomsonreuters.com))