Insignia Financial (ASX:IFL) said the exclusivity period agreed with Bain Capital Private Equity and CC Capital Partners will be extended for another four weeks after it received requests from both bidders, according to a Thursday Australian bourse filing.

Earlier, Bain Capital and CC Capital both proposed non-binding and indicative bids to acquire all of the shares in Insignia via a scheme of arrangement.

The extension will be on the same terms as the original exclusivity deed, and it will allow the bidders to finalize debt funding and associated due diligence, as well as the terms of the scheme implementation deed.

The firm added that there was no certainty that either proposal would result in any transaction.

Insignia Financial's shares rose nearly 3% in recent trading on Thursday.