Insignia Financial bags revised bid from CC Capital

Insignia Financial (ASX:IFL) has received a revised non-binding and indicative proposal from CC Capital Partners. This is the latest instalment in the bidding war between CC Capital and Bain Capital to takeover Insignia.

The proposal aims to acquire all shares in Insignia Financial via a scheme of arrangement, offering a cash price of $4.60 per share.

The revised proposal represents a 7% premium above both CC Capital’s earlier proposal and a revised proposal from Bain Capital, which were both set at $4.30 per share.

The new offer is 30 cents per share higher than the initial proposals from both financial firms.

The Insignia Financial board, along with financial and legal advisers, is currently evaluating CC Capital’s revised indicative proposal.

However, there is no guarantee that this will lead to a binding offer or transaction.

Insignia says shareholders need to take no action at this time, “Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations,” stated the company in its release, ensuring transparency throughout the process.

Insignia Financial has engaged Citigroup and Gresham Advisory Partners for financial advice and King & Wood Mallesons for legal guidance.

Insignia Financial has been trading at $4.40 at 12.30pm Sydney time.

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