Insignia receives upgraded bid from Bain Capital
Original bidder Bain Capital has returned with a revised bid for Insignia Financial, matching the offer from CC Capital.
The private equity firm, which first bid $4 per share, has now made an updated bid on 11 January for $4.30 per share.
This matches the bid put out on 3 January by rival firm CC Capital.
Insignia pointed that, having rejected Bain’s first bid, the firm noted in its revised indicative proposal that it is open to discussing transaction structure that would provide Insignia Financial shareholders with an opportunity to receive a proportion of their total consideration as scrip consideration in the ultimate Bain Capital controlled holding entity of Insignia Financial.
Other terms of the proposal remain the same as the original bid.
The board of Insignia Financial, together with its financial and legal advisers, said it is considering the revised indicative proposal in parallel with its consideration of the CC Capital proposal.
At the end of last week, it was reported in The Australian that Brookfield was also in the frame, but Insignia told the ASX that it is yet to receive a formal bid from that firm.
Brookfield is a global alternative asset manager with over US$900 billion in assets under management, specialising in real estate, infrastructure, private equity and credit.
In 2019, the firm acquired the majority of Oaktree Capital, which has also made its own entry into the Australian market with a $240 million investment in professional services firm AZ NGA.
AUTHOR
Laura Dew
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