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Brookfield triggers three-way bidding war for Insignia with $1.92 bln offer
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Brookfield triggers three-way bidding war for Insignia with $1.92 bln offer
Feb 4, 2025 3:58 PM

Feb 5 (Reuters) - Australia's Insignia Financial ( IOOFF )

said on Wednesday it had received an A$3.07 billion

($1.92 billion) takeover bid from Canadian firm Brookfield

, matching the latest offers from Bain Capital and CC

Capital Partners for the wealth manager.

Brookfield, in its proposal, has offered to buy the company

at A$4.60 per share, representing a 6.5% premium to Insignia

Financial's ( IOOFF ) last closing price on Tuesday.

The Brookfield offer has triggered a three-way bidding war

for Insignia, with U.S.-based Bain Capital and CC Capital

Partners having already raised their respective bids for the

company to $1.92 billion last month.

The bids come amid efforts by these companies to tap into

Australia's lucrative A$4.1 trillion superannuation system.

Insignia has granted Brookfield limited due diligence to

determine if an improved offer can be formulated, the company

said in a statement.

($1 = 1.5995 Australian dollars)

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