March 7 (Reuters) - Insignia Financial ( IOOFF ) has

granted access to its books to two key suitors after both Bain

Capital and CC Capital raised their respective takeover bids to

A$3.34 billion ($2.11 billion), marking a pivotal moment in an

escalating bidding war.

Insignia said on Friday the two firms that are now vying for

control of one of Australia's largest wealth management firms

had increased their per-share offers to A$5 each - an 8.7%

premium over their previous A$4.60 bids.

Bain, best known in Australia for acquiring Virgin Australia

out of administration, and CC Capital, a Wall

Street-based private equity firm, now appear to have the upper

hand after investment giant Brookfield entered the contest last

month with a matching bid.

Insignia, formerly known as IOOF, oversees approximately

A$327 billion in client assets, making it the third-largest

player in Australia's superannuation sector.

Australia's publicly traded wealth management firms are

drawing interest from investors attracted to the country's

thriving pension system.

Previously, Insignia had granted all three suitors limited

access to its financials.

However, with Brookfield reportedly unlikely to submit a

higher offer, the company said Bain and CC Capital's revised A$5

per share bids were in the best interests of shareholders and

has now allowed both firms to conduct confirmatory due

diligence, expected to conclude within six weeks.

Shares of Insignia closed at A$4.26 on Thursday, with the new

offers reflecting a 17.4% premium over the last closing price.

The stock has surged approximately 40% since December 12, when

Bain first made its approach.

Brookfield did not immediately respond to a Reuters request

for comment. However, The Australian, citing sources, reported

that the firm is unlikely to continue bidding.

($1 = 1.5803 Australian dollars)