CC Capital Partners’ acquisition proposal offers a 7.5% premium over Bain Capital’s earlier bid. Credit: Inside Creative House/Shutterstock.

Australian wealth manager Insignia Financial has secured an indicative non-binding buyout offer from CC Capital Partners, a family office led by ex-Blackstone dealmaker Chinh Chu.

The 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.

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This proposal marks a 7.5% premium over a previous offer from Bain Capital and includes an option for shareholders to roll into unlisted stub equity, subject to conditions.

Last month, Insignia Financial received a preliminary, non-binding takeover proposal from Bain Capital. The offer, estimated at around A$2.7bn ($1.7bn), was submitted after market hours on 12 December 2024.

The latest offer is contingent on satisfactory due diligence, a unanimous board recommendation, and regulatory approvals.

The Insignia Financial board, with advice from Citigroup, Gresham Advisory Partners, and King & Wood Mallesons, is assessing the offer’s merits.

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Shareholders have been advised that no immediate action is required as the board deliberates on whether engaging with CC Capital is in their best interests.

The potential acquisition by CC Capital is subject to several conditions, including due diligence, a binding scheme implementation agreement, and approvals from the Foreign Investment Review Board and the Australian Prudential Regulation Authority.

Insignia Financial board’s unanimous support and an independent expert’s endorsement are also necessary, stated the company.

Insignia Financial, established in 1846, offers financial advice, superannuation, wrap platforms, and asset management services.