Australia's Insignia Financial hits over 3-yr high on providing due diligence

Insignia Financial

20/01/2025 24:55

** Shares of Insignia Financial  IFL.AX  rise 1% to A$4.475,
their highest levels since Oct 28
    ** The Australian wealth manager offered to provide CC
Capital access to non-public information to help determine
whether the U.S.-based suitor can improve its proposal valuing
the firm at A$3.07 bln ($1.90 bln)
    ** CC Capital made a revised offer on Friday for A$4.60 cash
per share for IFL
    ** Insignia says provision of limited due diligence does not
guarantee that the CC Capital proposal will result in a binding
offer
    ** Stock up 25.6% this year, including the day's move

    ($1 = 1.6134 Australian dollars)  

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com;))