Insignia Financial hits one-week high on $1.9 billion offer from Brookfield

Insignia Financial

05/02/2025 24:03

** Shares of Australian wealth manager Insignia Financial
 IFL.AX  rise 5.8% to A$4.57, their highest level since Jan. 28
    ** IFL breaks three-day losing streak; among top gainers in
the ASX200 benchmark index  .AXJO 
    ** Receives non-binding, indicative takeover proposal from
Brookfield for A$4.60 cash per share, valuing IFL at A$3.07
billion ($1.92 billion)
    ** Offer price represents a 6.5% premium to IFL's last
closing value
    ** Brookfield's offer triggers a three-way bidding war with
Bain Capital and CC Capital
    ** All three parties are offering A$4.60 per share and have
limited access to non-public information for due diligence
    ** IFL up 21.7% this year, including the day's moves


($1 = 1.6005 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com))