The Insignia Financial Ltd (ASX: IFL) share price is shooting higher again today.

Shares in the S&P/ASX 200 Index (ASX: XJO) financial services company closed yesterday trading for $4.32. In morning trade on Wednesday, shares are changing hands for $4.56 apiece, up 5.6%. This sees the Insignia Financial share price up a whopping 116% since this time last year.

For some context, the ASX 200 is up 0.6% today and up 10% over 12 months.

Today's outperformance for the financial stock comes amid news that a third 'shark' has made an offer to acquire all the company's shares.

Here's what's happening.

Insignia Financial share price buoyed by new bidder

As you're likely aware, the Insignia Financial share price has been on a tear since Bain Capital made its first takeover offer to acquire the entire company for $4.00 a share on 13 December.

Bain Capital then improved that offer to $4.30 a share on 6 January, and it again lifted the offer to $4.60 a share on 23 January.

That offer matched the $4.60 a share that CC Capital Partners offered in its own revised non-binding indicative proposal on 17 January.

Today, in a scene reminiscent of the television show Shark Tank, the Insignia Financial share price is getting another boost following news that a third suitor has emerged.

Insignia reported that it has received a confidential, non-binding, and indicative proposal from Brookfield Capital Partners, based in the United Kingdom, to acquire all of its shares for $4.60 cash per share. That amount would be adjusted for any dividends paid or payable after the date of the indicative proposal.

Brookfield also offered the potential alternative to acquire scrip in its unlisted bid vehicle, which Insignia noted is "subject to certain floors and caps and corresponding scale back mechanisms".

Management noted that the new offer boosting the Insignia Financial share price today matches the two standing bids it has already received, stating:

The Indicative Proposal represents a cash price per share the same as that proposed by CC Capital Partners LLC in its revised non-binding indicative proposal received on 17 January 2025 and Bain Capital in its second revised non-binding indicative proposal received on 22 January 2025.

The proposal remains subject to a number of conditions, which includes a unanimous vote in support of the proposal from the Insignia Financial board.

The transaction also remains subject to approval of the Foreign Investment Review Board and the Australian Prudential Regulation Authority.

Shareholders were advised they do not need to take any action at this time.