(Reuters) - Insignia Financial ( IOOFF ) said on Thursday it has received an improved offer from U.S.-based Bain Capital to acquire the money manager for A$3.07 billion ($1.92 billion), matching rival CC Capital Partners' offer as bidding war escalates.

Insignia Financial ( IOOFF ) had previously rebuffed an approach from private equity firm Bain Capital in late December, deeming the offer insufficient for its shareholders.

The 178-year-old Australian money manager's initial reluctance to engage with Bain Capital sparked a bidding war, with U.S.-based investment manager CC Capital Partners subsequently entering the fray.

Bain Capital's revised offer values the company's shares at a 3.8% premium to their last closing price of A$4.43 apiece.

This represents an improvement over Bain's previous non-binding indicative proposal of A$4.30 cash per share, which translates to a 7% increase.

Earlier this month, CC Capital Partners had upped the ante with a rival bid, seeking to gain a foothold in Australia's lucrative A$4.1 trillion superannuation system, a prize that has driven the intense bidding competition between the two suitors.

($1 = 1.5949 Australian dollars)