Bain Capital has upped its offer to acquire Australia’s Insignia Financial Ltd., proposing a bid exceeding $1.9 billion. The revised bid matches an offer made just days earlier by CC Capital Partners, signaling a competitive showdown between the U.S.-based private equity giants.
Insignia confirmed the updated bids in a Thursday statement, noting both suitors are now vying at an identical cash price per share.
Insignia’s Strategic Review
The Australian wealth manager, advised by Hong Kong-based King & Wood Mallesons, rejected an earlier $1.7 billion bid from Bain last month, citing concerns that it undervalued the company. In its latest update, Insignia disclosed it has agreed to provide Bain with limited access to nonpublic information to assess whether it can enhance its current offer.
“The provision of this information is subject to certain conditions, including the signing of an appropriate confidentiality and standstill agreement,” Insignia stated. The company emphasized that granting access does not guarantee Bain will deliver a binding or board-recommended offer.
