Insignia Financial shares soared to their highest level in over three years following a $1.78 billion takeover bid from U.S.-based CC Capital. The Australian wealth manager previously rejected a bid from Bain Capital, stating it undervalued shareholders. Insignia's board is evaluating the offer from CC Capital to determine its best course of action.
shares jumped to their highest level in more than three years on Monday after the company received an A$2.87 billion ($1.78 billion) takeover bid from U.S.-based CC Capital.The company said on Monday that it received an indicating, non-binding offer from CC Capital to acquire all the shares of Insignia at a price of A$4.30 cash per share.Insignia shares jumped 12% to A$3.96, their highest level since late November 2021. The company had rejected an A$2.67 billion ($1.
69 billion) takeover bid from Bain Capital last week, saying the offer does not provide fair value to its shareholders. Bain had made a preliminary, non-binding bid to acquire the Australian wealth manager for A$4.00 cash per share, which offered a 17.6% premium to the stock's closing price at the time when the offer was made. 'The Board of Insignia Financial, together with its financial and legal advisers, is considering the Indicative Proposal to assess whether it is in the best interests of shareholders to engage with CC Capital,' the company said in a statement. Founded in 1846, Insignia Financial provides financial advice, superannuation, wrap platforms, and asset management services to financial advisers and corporate employers
Takeover Bid Insignia Financial CC Capital Bain Capital Financial Services
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