Bain matched CC Capital’s $1.8 billion bid for Insignia

(Bloomberg) — Bain Capital improved its bid for Insignia Financial Ltd. With acquisition activity increasing for the Australian wealth management company.

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The Boston-based private equity firm offered A$4.30 per share, Insignia said in a statement on Monday. That matches an earlier offer from CC Capital Partners and comes after Insignia rejected a lower offer from Bain last month.

In its revised presentation, Bain said it was open to discussing a transaction structure that would allow Insignia shareholders to acquire part of the deal as equity in the new entity.

Insignia shares rose as much as 2.9% and were trading at A$4.22 as of 10:06am in Sydney.

Foreign players are showing an appetite to snap up Australian money management companies, partly because of their exposure to one of the world’s fastest-growing superannuation groups. Bain’s latest bid values ​​Insignia at about A$2.9 billion (US$1.8 billion).

Insignia’s board of directors is considering both offers, the statement said.

(Adds Monday share price in fourth paragraph)

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