0255 GMT - Insignia's chances of wrapping up a takeover by one of its private-equity suitors look to be increasing, according to UBS analyst Shreyas Patel. He writes in a note that the prospect of a deal for the Australian wealth manager are growing with the presence of multiple bidders and evidence of gradual flow improvements. The current offers of A$4.60 a share imply only a modest control premium to the stock's five-year average price-to-earnings, he adds. UBS lifts its target price by 14% to A$4.60 and stays neutral on the stock, which is up 0.9% at A$4.56. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 21:55 ET (02:55 GMT)
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