Australia's Insignia Financial receives sweetened bid from Bain Capital at $1.92 bln (updated)

Insignia Financial

22/01/2025 22:07

(Writes through with further details from paragraph 2 onwards)
       Jan 23 (Reuters) - Insignia Financial  IFL.AX  said on Thursday it has received an
improved offer from U.S.-based Bain Capital to acquire the money manager for A$3.07 billion
($1.92 billion), matching rival CC Capital Partners' offer as bidding war escalates.
    Insignia Financial had previously rebuffed an approach from private equity firm Bain Capital
in late December, deeming the offer insufficient for its shareholders. 
    The 178-year-old Australian money manager's initial reluctance to engage with Bain Capital
sparked a bidding war, with U.S.-based investment manager CC Capital Partners subsequently
entering the fray.
    Bain Capital's revised offer values the company's shares at a 3.8% premium to their last
closing price of A$4.43 apiece.
    This represents an improvement over Bain's previous non-binding indicative proposal of
A$4.30 cash per share, which translates to a 7% increase.
    Earlier this month, CC Capital Partners had upped the ante with a rival bid, seeking to gain
a foothold in Australia's lucrative A$4.1 trillion superannuation system, a prize that has
driven the intense bidding competition between the two suitors.
    
    
($1 = 1.5949 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru; Editing by Alan Barona)
 ((Roushni.Nair@thomsonreuters.com))