Australia’s Insignia Financial gets A$2.9 billion takeover bid from CC Capital Partners

AUSTRALIA’S Insignia Financial said on Monday it has received a takeover bid from CC Capital Partners to acquire the 178-year-old money manager for A$2.87 billion (S$2.4 billion).

The company had earlier been approached by Bain Capital with a A$2.67 billion takeover offer, which it rejected in late December, citing that the offer does not provide fair value to its shareholders.

CC Capital Partners, a US-based investment manager, has approached Insignia Financial with a price of A$4.30 cash per share offer, which represents a 7.5 per cent premium to Bain Capital’s offer.

The Australian money manager said its board is considering CC Capital’s proposal to assess if it is in the best interests of the firm’s shareholders.

Both Bain Capital and CC Capital Partners did not immediately respond to a Reuters request for comment. REUTERS