As the potential partners leave the floor, a 178 year old Australian company is still waiting to be asked to dance.
Having witnessed two potential suitors withdraw from a contest to take it over, financial services company Insignia Financial is clinging to the hope that New York-based private equity firm CC Capital Partners will make a firm bid.
Some investors shared that enthusiasm with the Insignia share price leaping more than 7% on Tuesday after it was informed that CC Capital had continued to actively work towards making a binding offer.
“Specifically, CC Capital is finalising financing and investment committee approvals, a process that is expected to be completed in the next two weeks,” Insignia said in an ASX announcement.
However the target company was at pains to repeat there is no guarantee its only remaining suitor will make a firm offer.
Insignia was providing an update on the status of talks with CC Capital regarding its revised non-binding and indicative proposal to acquire all of its shares by way of a scheme of arrangement.
Private equity giant Bain Capital withdrew in May from the contest for the wealth manager, which provides financial advice, superannuation, wrap platforms and asset management services to members, financial advisers and employers.
Bain cited market volatility for its decision not to proceed with a binding offer at $5 cash per share, which matched CC Capital's offer and capitalised Insignia at A$3.34 billion (US$2.20 billion).
At one stage it was a three-way tussle with global asset management giant Brookfield showing interest when the asking price was at lower levels but it also withdrew.
At the time of writing Insignia shares were trading up 26 cents to $3.89, valuing it at $2.67 billion.
