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Insignia Financial’s shares surged to a three-year high on Thursday, fueled by a revised takeover offer of A$3.07 billion ($1.92 billion) from Bain Capital. The U.S.-based firm matched a bid from rival CC Capital Partners, intensifying the competition to acquire the Australian money manager.
The 178-year-old firm had previously rejected Bain Capital’s initial proposal in December, deeming it inadequate. This led to a bidding war, with CC Capital entering the fray earlier this month, vying for access to Australia’s A$4.1 trillion superannuation market.
Bain’s updated bid values Insignia shares at A$4.43 each, a 3.8% premium over their last close and a 7% increase from its initial offer of A$4.30. The revised offer pushed Insignia’s shares up by 2.7% in early trading, reaching A$4.55, their highest level since October 2021. However, the price remains slightly below Bain’s cash proposal.
Both Bain and CC Capital have been granted access to select non-public information on a non-exclusive basis to enhance their offers. Insignia clarified that this due diligence does not guarantee Bain’s proposal will lead to a binding or board-recommended deal.
Insignia Financial’s funds under management grew by A$7.2 billion to A$326.8 billion as of December 31, reflecting strong investor interest in Australian wealth managers.
CC Capital did not respond to requests for comment on the ongoing bidding war. The competition underscores the value of Insignia’s growing asset base and its strategic importance in the wealth management sector.
The intensified rivalry between Bain and CC Capital highlights the lucrative opportunities in Australia’s wealth management industry, making Insignia a prized target.
