Insignia Financial shares soar as CC Capital reiterates takeover interest
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More news: Insignia Financial was the best performing ASX 200 company in early trade after US private equity firm CC Capital said it was working towards making a binding bid for the wealth manager.
Insignia shares were up 10.5% to $4.01 at 10:55am AEST, taking returns to 75% over the last 12 months.
Insignia Financial expects binding takeover bid from CC Capital
The news: Wealth manager Insignia Financial has confirmed that US private equity firm CC Capital is continuing to "actively work towards making a binding bid" for the company.
The context: CC Capital informed Insignia that it is finalising financing and investment committee approvals, a process that is expected to be completed in the next two weeks.
CC Capital had submitted a non-binding proposal of $5 per share in March, valuing Insignia at $3.35 billion.
In May, Insignia shares tanked after rival suitor Bain Capital dropped out of the race to acquire its shares, citing macroeconomic uncertainty.
Insignia shares last closed at $3.63.
The source: ASX
