GlobalData
1 min read
Private equity firm Bain Capital has withdrawn from the takeover bid for Australian wealth manager Insignia Financial.
In a filing with the Australian Stock Exchange (ASX), Insignia cited "macro uncertainty" in global markets as the reason behind Bain's inability to proceed with a binding proposal.
Insignia is now left with CC Capital as the sole potential buyer, which has indicated that it is actively working towards submitting a binding offer soon.
However, Insignia has cautioned that there is no guarantee of any transaction materialising from the current talks.
The company said it “will continue to keep the market informed in accordance with its continuous disclosure obligations”.
In March 2025, both Bain Capital and CC Capital sweetened their bids for Insignia to A$3.34bn ($2.2bn), or A$5 per share.
At that time, the Insignia board found the terms of each bid “attractive” for shareholders and agreed to sign exclusivity deeds with both bidders.
Last month, Insignia allowed Bain Capital and CC Capital additional time to secure debt funding as well as complete due diligence. This extended exclusivity period is set to end at the close of business on 15 May.
Brookfield Asset Management, another interested party, did not increase its bid and is reportedly no longer in contention.
Insignia offers a range of financial services including advice, superannuation, wrap platforms, and asset management.
"Bain Capital exits Insignia Financial takeover pursuit" was originally created and published by Private Banker International, a GlobalData owned brand.
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