By
The race to acquire Insignia Financial has intensified, with Bain Capital revising its offer to $2.87 billion, matching the bid made earlier by CC Capital.
Insignia revealed the updated proposal on Monday, putting shareholders at the centre of a competitive bidding war.
Bain’s revised bid offers $4.30 per share, a 7.5% increase from its initial offer. It also gives shareholders the option to receive part of the payment as scrip consideration in a Bain-controlled holding entity for Insignia Financial.
This move follows Insignia’s earlier rejection of Bain Capital’s original proposal, citing concerns over shareholder value. Shortly after, U.S.-based private equity firm CC Capital submitted its own $2.87 billion offer, which Bain has now matched.
The bids highlight the growing interest in Australia’s wealth management sector, which is driven by the country’s $4.1 trillion superannuation system – one of the largest private pension markets in the world.
CC Capital has yet to comment on Bain’s updated bid, while Insignia shareholders now await further developments in the high-stakes contest for one of Australia's oldest wealth management firms.
