By Stuart Condie
SYDNEY--Brookfield Asset Management made a US$1.93 billion proposal for Insignia Financial, becoming the Australian wealth manager's third suitor.
Insignia on Wednesday said that Brookfield made a non-binding proposal of 4.60 Australian dollars, or US$2.88, a share. That is the same value as the proposal made last month by CC Capital Partners, and later matched by Bain Capital.
Brookfield's proposal is for cash or shares in an unlisted post-takeover entity, Insignia said.
Brookfield, which made the approach through its Brookfield Capital Partners (U.K.) unit, already owns financial-services businesses in Australia. Local acquisitions include lender and asset manager La Trobe Financial, which cost US$1.1 billion in 2022.
ASX-listed Insignia, which has opened its books to CC Capital and Bain, granted Brookfield limited due diligence on a non-exclusive basis in the hope of attracting a binding offer.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
February 04, 2025 18:48 ET (23:48 GMT)
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