Insignia Financial grants Bain Capital and CC Capital four-week exclusivity extension on $2.13bn bid

Australian wealth supervisor Insignia Financial has prolonged exclusivity for Bain Capital and CC Capital by 4 weeks, giving each non-public fairness corporations further time to finalise a proposed $2.13bn acquisition.

The extension follows formal requests from each bidders and maintains momentum behind takeover discussions that started in March, when Bain and CC Capital had been granted entry to Insignia’s books after elevating their competing affords to AUD3.34bn.

Bain Capital is already a well-known title within the Australian market, having acquired Virgin Australia out of administration in a high-profile deal. CC Capital, primarily based in New York, is aiming to increase its world footprint by getting into Australia’s quickly rising wealth administration sector.

News of the extension boosted investor sentiment, with Insignia shares climbing 3.9% to AUD3.73 in early Thursday buying and selling, outperforming the broader ASX 200 index.

While the exclusivity interval extension alerts sturdy curiosity from each non-public fairness corporations, the deal stays in progress and isn’t but assured.

Source: Reuters