Australia's Insignia gets sweetened $1.9 bln bid from CC Capital, tops Bain's offer (updated)

Insignia Financial

16/01/2025 23:23

(Updates with further details from paragraph 2 onwards)
       Jan 17 (Reuters) - Australia's Insignia Financial  IFL.AX  said on Friday it has
received a revised offer from U.S.-based CC Capital Partners to acquire the money manager for
A$3.07 billion ($1.91 billion).
    The bidding war for the 178-year-old money manager had escalated in mid-January when private
equity firm Bain Capital matched CC Capital's offer at A$2.87 billion.
    Under CC Capital's revised offer, Insignia shareholders could now receive A$4.60 cash per
share under a scheme of arrangement, which tops Bain's bid for the firm at A$4.30 offered per
share.
    The revised offer from CC Capital represents a 7% premium to its original proposal as well
as Bain's revised proposal, the company said in its statement.
    CC Capital's revised offer also represents a 10.6% premium to Insignia's last close.
    Insignia's board is considering CC Capital's new offer, the money manager's statement said.

    
($1 = 1.6098 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
 ((Shivangi.Lahiri@thomsonreuters.com))