(Bloomberg) — Bain Capital has sweetened its offer for Insignia Financial Ltd. as acquisition activity heats up for the Australian wealth manager.
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The Boston-based private equity firm is offering A$4.30 per share, Insignia said in a statement on Monday. That matches an earlier offer from CC Capital Partners and comes after Insignia rejected a lower offer last month from Bain.
Bain, in its revised offer, said it was open to discussing a transaction structure that would allow Insignia shareholders to receive part of the deal as equity in the new entity.
Insignia shares advanced as much as 2.9% and traded at A$4.22 as of 10:06am in Sydney.
Overseas players are showing appetite in buying Australian money management firms, partly because of their exposure to one of the world’s fastest-growing pension pools. Bain’s most recent offer values Insignia at about $US2.9 billion ($1.8 billion).
Insignia’s board is considering both offers, the statement said.
(Add Monday’s stock price in the fourth paragraph)
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2025-01-12 23:09:00
