BUZZ-Australia's Insignia Financial at 3-year peak as CC Capital's ups buyout bid

Reuters
01-17
BUZZ-Australia's Insignia Financial at 3-year peak as CC Capital's ups buyout bid

Updates

** Insignia Financial IFL.AX jumps 5.2% to A$4.375, highest since Oct 2021 and vs CC Capital's raised buyout offer of A$4.60/shr

** CC Capital's new A$3.07 bln ($1.91 bln) proposal for the money manager tops PE firm Bain Capital's A$2.87 bln offer (A$4.30/shr)

** IFL hit an intraday peak of A$4.44 before easing; trading vol in line with 30-day avg

** Brokerage Ord Minnett says CC Capital's offer tops upper end of its est of A$4.50; thinks proposal deserves consideration

** Morningstar sees 75% chance of a deal at A$4.60; raises fair value estimate to A$4.50 ($1 = A$1.6108)

(Reporting by Nikita Maria Jino and Nichiket Sunil in Bengaluru)

((Nikita.Jino@thomsonreuters.com; Nichiket.Sunil@thomsonreuters.com))

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