Australian wealth manager Insignia Financial has confirmed receipt of a preliminary and non-binding buyout offer from private equity company Bain Capital.
The proposal, valued at approximately A$2.7bn ($1.7bn), was received after market close on 12 December 2024, following media speculation about potential takeover interest.
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The indicative offer suggests a cash payment of A$4 per share to Insignia Financial’s shareholders, adjusted for any dividends issued after the proposal date.
This proposal is contingent upon several conditions, including satisfactory due diligence, a unanimous recommendation from Insignia Financial’s board of directors, and necessary regulatory approvals.
The board, alongside its financial and legal advisers, is currently evaluating the offer to determine if it aligns with shareholder interests.
However, the company stressed that there is no guarantee of the proposal leading to a definitive offer or of a deal materialising.
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By GlobalDataShareholders have been advised that no immediate action is required on their part.
Insignia Financial, with a history dating back to 1846, offers services such as financial advice, superannuation, and asset management.
In April this year, Bain Capital sold its Axis Bank stake for 1,071 rupees ($12.87) per share, raking in $429m.
