Australia's Insignia Financial falls to 1-month low as Bain Capital pulls out of bid race

Insignia Financial

14/05/2025 02:03

** Shares of Insignia Financial IFL.AX fall 13.5% to A$3.46, their lowest levels since April 15

** IFL stock is the top loser in benchmark index .AXJO

** The wealth management firm said on Wednesday that Bain Capital, one among the takeover bidders for the co, has now pulled out of making a binding bid

** Bain Capital had last made a A$3.34 billion ($2.16 billion) offer in March

** Co adds that it remains in discussion CC Capital, another bidder

** Stock posts its biggest intraday percentage drop since August 22

** IFL stock sees its busiest session yet since April 17, with 1.9 mln shares changing hands

** Stock down 2.3% YTD, including moves in current session

($1 = 1.5454 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))