Insignia Financial shares rocket as Brookfield joins bidding war
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More news: Shares in Insignia Financial surged in morning trade on the ASX after the wealth manager confirmed it had received a takeover bid by global investment firm Brookfield Capital Partners, matching last month's offers by US private equity firms CC Capital and Bain Capital.
Insignia shares were up 6.4% to $4.60 by 11:40am AEDT, having more than doubled over the last 12 months.
Brookfield joins takeover battle for Insignia Financial
The news: Global investment firm Brookfield Capital Partners has entered the race to acquire Australian wealth manager Insignia Financial, matching existing takeover offers by US private equity firms CC Capital and Bain Capital.
The numbers: Brookfield has offered to acquire all of Insignia's shares for $4.60 per share, in line with improved bids tabled by CC Capital and Bain Capital last month, valuing the company at nearly $3.1 billion.
The context: Insignia has offered to provide Brookfield with a limited period of due diligence, subject to certain conditions. Insignia previously granted due diligence to both of Brookfield's rival suitors.
Last month, Insignia confirmed that it had not received any proposal from Brookfield, after a media report claimed the investment giant was actively considering tabling a bid.
The source: ASX announcement
