Insignia Financial, the ASX-listed wealth giant put in play by Mike Murphy’s Bain Capital last month, is assessing a $2.9 billion cash offer from another private equity firm, instigating a bidding war for the owner of MLC.
Insignia told shareholders on Monday that New York-headquartered CC Capital Partners had lobbed a competing bid, trumping Bain Capital’s December 13 offer and sending the stock rallying 12 per cent to $3.97 a share.
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