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.

The cash bids, made in Australian dollars, represent a 7% premium over Bain’s earlier valuation, highlighting the escalating competition.

Bain vs. CC Capital: A Battle of Private Equity Titans

Bain Capital, a Boston-based private equity leader managing $185 billion in assets, is no stranger to high-stakes bidding wars. Last month, Bain collaborated with Fuji Soft’s founder to acquire a 50.1% stake in the Japanese IT firm, sparking a legal battle with rival KKR.

CC Capital, headquartered in New York City, boasts a diverse portfolio that includes Utz Brands, Wilshire, and Getty Images. Notably, Getty Images is currently preparing to merge with Shutterstock, reflecting CC Capital’s ambitions in global markets.

Insignia’s Role in the Financial Sector

Insignia provides superannuation, financial advisory, wrap platforms, and asset management services. With Citigroup and Gresham Advisory Partners as its financial advisers, the company remains focused on shareholder value as it evaluates the competing offers.

Shareholders are not required to take any immediate action, Insignia noted Thursday.