(Bloomberg) -- Bain Capital matched an offer from CC Capital Partners for Insignia Financial Ltd. as the bidding frenzy for the Australian wealth management firm heated up.
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Insignia granted Bain access to some private information after the Boston-based firm sweetened its bid to A$4.60 a share, matching an earlier offer from CC Capital, according to a statement Thursday. That values Insignia at about A$3.1 billion ($1.9 billion).
The mooted deal is entering its sixth week since Bain first made a takeover approach and now gives both overseas firms limited access to information on Insignia as the Sydney-listed firm tries to lure even higher bids. The buyout firms are chasing access to Australia’s pensions — one of the world’s fastest growing pools of retirement savings.
“In order to determine if Bain is able to formulate a further improved proposal from that reflected in the Bain second revised indicative proposal, Insignia Financial has offered to provide to Bain a limited period of access to certain non-public information on a non-exclusive basis,” the statement said.
Insignia manages about A$327 billion and its business spans financial advice and wealth management.
(Adds detail on deal from third paragraph)
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