Bain Capital’s A$2.7 billion buyout bid rejected by Insignia

AUSTRALIAN wealth manager Insignia Financial has rejected a A$2.7 billion (S$2.3 billion) takeover offer from private equity firm Bain Capital.

Insignia said the A$4 per share preliminary, non-binding offer it received last week didn’t represent fair value, according to a statement on Wednesday.

Some overseas private equity giants have become interested in acquiring Australian wealth management assets that have exposure to one of the fastest growing pension pools in the world.

Elsewhere, KKR & Co. and Perpetual are continuing to engage regarding a A$2.2 billion acquisition of the Australian fund manager’s wealth management business amid doubts over the transaction.

Hedge fund Regal Partners ended takeover talks with Platinum Asset Management after almost two months of due diligence failed to lead to an improved offer.

Insignia had about A$319.6 billion worth of funds under management and administration at the end of September, according to its website. BLOOMBERG