Bain Capital’s offer matches the indicative non-binding buyout offer made previously made by CC Capital. Credit: ARMMY PICCA /Shutterstock.

US-based Bain Capital has increased its takeover bid for Australian wealth manager Insignia Financial to A$2.87bn ($1.76bn).

The offer matches the indicative non-binding buyout offer made last week by CC Capital, a family office led by ex-Blackstone dealmaker Chinh Chu, for the Australian wealth manager.

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CC Capital’s offer, valued at A$2.9bn ($1.8bn), could lead to a takeover by way of a scheme of arrangement at A$4.30 cash per share, adjusted for dividends.

Bain Capital’s latest proposal offers Insignia shareholders A$4.30 per share, a 7.5% increase from its initial bid made in December 2024, and a 4.4% premium over Insignia’s last closing price, reported Reuters.

Last month, Insignia received a preliminary, non-binding takeover proposal of around A$2.7bn ($1.7bn) from Bain Capital.

Insignia, which provides superannuation, financial advice, and asset management services, rejected Bain Capital’s original offer, citing it undervalues the firm.

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Bain Capital stated that its revised indicative proposal includes the option to discuss a structure allowing Insignia shareholders to receive part of their consideration as shares in the Bain Capital-controlled holding entity.

The Board of Insignia, with financial advice from Citigroup, Gresham Advisory Partners, and legal counsel from King & Wood Mallesons, is currently reviewing Bain Capital’s revised proposal alongside that of CC Capital.

In a press statement, Insignia said: “The Board of Insignia Financial, together with its financial and legal advisers, is considering the Revised Indicative Proposal in parallel with its consideration of the CC Capital Proposal. There is no certainty that either proposal will result in a binding offer or that any transaction will eventuate.

“IFL shareholders do not need to take any action at this time. Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations.”