Bain Capital’s latest offer of A$4.60 per share marks a 7% premium on its previous bid. Credit: T. Schneider/Shutterstock.

US private equity company Bain Capital has improved its takeover bid for Australian wealth manager Insignia Financial to A$4.60 a share, matching the offer made by CC Capital Partners.

In a statement, Bain Capital said that it intends “to acquire all of the shares in Insignia Financial by way of a scheme of arrangement (Bain Second Revised Indicative Proposal) at a price of A$4.60 cash per share (adjusted for any dividends paid or payable after the date of the Bain Second Revised Indicative Proposal).”

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This non-binding proposal values Insignia, a provider of financial advice, superannuation, and asset management services, at A$3.1bn ($1.9bn).

The latest bid from Bain Capital is a 7% premium on its offer of A$4.30 per share made earlier this month.

The proposal retains the same terms and conditions as Bain Capital’s original offer on 12 December 2024.

Similar to CC Capital, which is led by former Blackstone dealmaker Chinh Chu, Insignia has agreed to grant Bain limited access to certain non-public information on a non-exclusive basis.

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This access is subject to conditions, including Bain Capital signing a confidentiality and standstill agreement.

The provision of this information does not guarantee that Bain will submit a binding or recommendable offer.

Shareholders are not required to take any action at this stage. Insignia will continue to update the market in line with its disclosure obligations but will not provide further comments on the ongoing process with Bain.

Insignia is advised by Citigroup and Gresham Advisory Partners on financial matters and King & Wood Mallesons for legal matters.