Australia's Insignia Financial eyes best month in 3 as bidding war escalates

Insignia Financial

31/01/2025 01:15

** Shares of Insignia Financial  IFL.AX  fall 0.7% to A$4.46
    ** Still, stock of the wealth manager has climbed 25.9% so
far in January, set for their best month since October 2024, if
gains hold 
    ** Shares hover around a three-year high touched last week
    ** Co has been the subject of a bidding war between
U.S.-based Bain Capital and CC Capital Partners
    ** Last week, Bain Capital increased their offer for
Insignia to $1.9 bln, matching rival CC Capital's revised offer
    ** Insignia received an initial $1.7 bln takeover offer from
Bain in December, but CC Capital emerged as a rival bidder with
an $1.8 bln bid in early January
    ** The offer was then subsequently increased till $1.9 bln
by both parties during Jan
    ** IFL stock has gained 26.5% this year, as of last close

    

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))