financetom
Business
financetom
/
Business
/
Brookfield triggers three-way bidding war for Insignia with $1.92 bln offer
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Brookfield triggers three-way bidding war for Insignia with $1.92 bln offer
Feb 4, 2025 4:48 PM

Feb 5 (Reuters) - Insignia Financial ( IOOFF ) said on

Wednesday it had received an A$3.07 billion ($1.92 billion) bid

from Canadian firm Brookfield, matching the latest

offers from Bain Capital and CC Capital Partners for the

Australian wealth manager.

The takeover offer is the latest among efforts by global

firms to tap into Australia's lucrative A$4.1 trillion

superannuation system.

Brookfield has offered to buy Insignia for A$4.60 per share,

the Australian wealth manager said in a statement, representing

a 6.5% premium to the stock's last close on Tuesday.

Shares of Insignia, which have soared more than 21% so far

this year, were up 5.6% at A$4.56 in early trade, but trading

below Brookfield's offer price. The benchmark stock index

was up 0.6%.

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 bids to $1.92 billion last

month.

Insignia received an initial takeover approach from private

equity firm Bain Capital in December. The Australian firm

rejected the offer, saying it did not provide fair value to its

shareholders.

CC Capital entered the scene in early January offering a

higher price for Insignia.

Bain, CC Capital and Brookfield did not immediately respond

to Reuters' requests for comment.

Insignia has granted Brookfield limited due diligence to

determine if an improved offer can be formulated, the company

said. It had already granted limited due diligence to Bain and

CC Capital.

Insignia shareholders do not need to take an action

regarding the Brookfield offer, the company said.

($1 = 1.5995 Australian dollars)

(Reporting by John Biju in Bengaluru; Editing by Mohammed Safi

Shamsi and Subhranshu Sahu)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Sherwin Williams Insider Sold Shares Worth $3,268,990, According to a Recent SEC Filing
Sherwin Williams Insider Sold Shares Worth $3,268,990, According to a Recent SEC Filing
Aug 1, 2024
05:56 PM EDT, 08/01/2024 (MT Newswires) -- Jane M. Cronin, Senior Vice President, Enterprise Finance, on July 30, 2024, sold 9,320 shares in Sherwin Williams ( SHW ) for $3,268,990. Following the Form 4 filing with the SEC, Cronin has control over a total of 24,459 shares of the company, with 16,816 shares held directly and 7,643 controlled indirectly. SEC...
Workers at BHP's Escondida mine in Chile reject contract offer, union says
Workers at BHP's Escondida mine in Chile reject contract offer, union says
Aug 1, 2024
SANTIAGO (Reuters) -Workers at BHP's Escondida, the world's largest copper mine, rejected an offer for a new collective bargaining agreement, setting the stage for a potential strike, the union said on Thursday. A total of 2,371 workers, or about 99.75% of union members, voted in favor of the strike. In a statement, the union said the call for a strike...
Omega Healthcare Investors Q2 Adjusted FFO Declines, Revenue Rises; 2024 AFFO Guidance Raised
Omega Healthcare Investors Q2 Adjusted FFO Declines, Revenue Rises; 2024 AFFO Guidance Raised
Aug 1, 2024
05:57 PM EDT, 08/01/2024 (MT Newswires) -- Omega Healthcare Investors ( OHI ) reported Q2 adjusted funds from operations late Thursday of $0.71 per share, down from $0.74 a year earlier. Analysts polled by Capital IQ expected $0.65. Revenue for the quarter ended June 30 was $252.7 million, up from $250.2 million a year earlier. Analysts surveyed by Capital IQ...
Clorox Stock Climbs After Q2 Results, Strong Forward Guidance
Clorox Stock Climbs After Q2 Results, Strong Forward Guidance
Aug 1, 2024
Clorox Company ( CLX ) shares are up after the company reported its second-quarter financial results Thursday. Here's a look at the key figures from the report. The Details: Clorox reported quarterly earnings of $1.82 per share which beat the analyst consensus estimate of $1.56 by 16.67%. Quarterly sales clocked in at $1.903 billion, missing the analyst consensus estimate by...
Copyright 2023-2026 - www.financetom.com All Rights Reserved