(Reuters) -Australia's Insignia Financial ( IOOFF ) said on Friday it has received a non-binding takeover all-cash proposal from private equity Bain Capital, valuing the wealth manager at A$2.67 billion ($1.70 billion).

The offer price of A$4.00 per share represents a 17.6% premium to the stock's closing price of A$3.40 per share on Thursday.

Insignia's shares had been trading at A$3.10, but shot up in the last 10 minutes of trade settlements following local media reports about the offer.

The company's board is considering the proposal to assess whether to engage with Bain, it said.

Insignia had A$319.6 billion worth of funds under management and administration at the end of September.

($1 = 1.5711 Australian dollars)