Deals
Bain, CC Capital Raise Insignia Takeover Bids; Shares Soar
- Firms bid A$5 per share for Australian financial firm Insignia
- Bain and CC Capital both now have six weeks due diligence
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Bain Capital and CC Capital each increased their takeover offers for Insignia Financial Ltd., as the bidding battle for the Australian financial services firm ramped up. The stock surged as much as 14%.
The two buyout companies made separate cash bids at A$5 per share, according to an Insignia statement Friday. That values the Sydney-listed firm at about A$3.4 billion ($2.2 billion). The shares traded at A$4.745 as of 10:42 a.m. local time. Both US firms will have six weeks of further due diligence and the board said the terms of each proposal were “attractive.”