Insignia Financial shares gain on CC Capital's $3.1b offer
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More news: Insignia Financial shares rose by around 5% in morning trade after the wealth manager received a fresh takeover bid from US private equity firm CC Capital.
Insignia shares were up 4.8% to $4.36 by 11:20am AEDT, after the new $4.60-per-share proposal by CC Capital topped rival suitor Bain Capital's latest offer of $4.30 per share.
Insignia Financial receives improved takeover bid from CC Capital
The news: Private equity firm CC Capital has hiked its takeover offer for ASX-listed wealth manager Insignia Financial, topping the improved bid tabled by rival suitor Bain Capital on Monday.
The numbers: CC Capital has raised its offer to $4.60 per share, a 7% premium to the US firm's previous offer of $4.30 per share, which was matched by Bain Capital earlier this week.
Insignia shares last closed at $4.16 per share. The latest offer values Insignia at nearly $3.1 billion.
The context: Insignia said its board is considering the revised proposal, with no certainty that it will result in a binding offer or that any deal will occur.
The source: ASX announcement
