Brookfield triggers three-way bidding war for Insignia with $1.92 bln offer (updated)

Insignia Financial

04/02/2025 23:32

(Adds details, background in paragraphs 2-5)
       Feb 5 (Reuters) - Australia's Insignia Financial
 IFL.AX  said on Wednesday it had received an A$3.07 billion
($1.92 billion) takeover bid from Canadian firm Brookfield
 BAM.TO , matching the latest offers from Bain Capital and CC
Capital Partners for the wealth manager.
    Brookfield, in its proposal, has offered to buy the company
at A$4.60 per share, representing a 6.5% premium to Insignia
Financial's last closing price on Tuesday.
    The Brookfield offer has triggered a three-way bidding war
for Insignia, with U.S.-based Bain Capital and CC Capital
Partners having already raised their respective bids for the
company to $1.92 billion last month.
    The bids come amid efforts by these companies to tap into
Australia's lucrative A$4.1 trillion superannuation system.
    Insignia has granted Brookfield limited due diligence to
determine if an improved offer can be formulated, the company
said in a statement.

 ($1 = 1.5995 Australian dollars)

 (Reporting by John Biju in Bengaluru; Editing by Mohammed Safi
Shamsi)
 ((John.Biju@thomsonreuters.com))