Investment firm CC Capital Partners LLC has thrown down the gauntlet to its larger rival bidder Bain Capital by raising its takeover offer for Insignia Financial.
Insignia said it had received a revised non-binding and indicative offer from CC Capital of A$4.60 cash per share, which values the company at $3.1 billion, up from the $4.30 cash per share offered by both bidders previously.
The company said in an ASX announcement the offer was subject to the same terms and conditions as the initial proposal, advising shareholders to take no action as the Board and its advisers decided whether to engage with CC Capital.
The company repeated its previous statement that there was no certainty the proposal would result in a binding offer or a transaction.
In the space of about one month, the 178-year-old financial services group has received two non-binding and conditional bids each from Bain and CC Capital amid speculation that asset management giant Brookfield might enter the fray as a third bidder.
Bain included in its proposal the potential for shareholders who accepted the offer to receive shares in the ultimate holding company if the buyout proceeds.
The top seven shareholders owned more than 58% of the target in August 2024, topped by Tanarra Capital with 12.47%, according to the 2024 Annual Report.
Insignia Financial had engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser.
Insignia shares continued to trade below the previous offer prices on Thursday, closing at $4.16 on Thursday and by 12.15pm AEDT (1.15am GMT) had increased 6.1% to $4.42.
Related content:
Sweetener: Bidding war for Insignia Financial heats up
M&As: Hostilities escalate in Insignia takeover war
New PE bid - Insignia may be closer to ASX de-listing
M&As: More shots fired in bidding war for Insignia
