ASX-listed Insignia Financial (IFL) is mulling over a bid by CC Capital which is offering $4.30 cash a share – valuing the company at $2.9bn.
The offer follows a $4-a-share bid by Bain Capital on 12 December that was rejected by the board.
Insignia states CC Capital’s proposal to acquire 100% of the company was made on 3 January 2025.
“The board of Insignia Financial, together with its financial and legal advisers, is considering the indicative proposal to assess whether it is in the best interests of shareholders to engage with CC Capital,” states the firm in a press release.
“There is no certainty that the indicative proposal will result in a binding offer or that any transaction will eventuate.”
Any transaction would require the approval of the Foreign Investment Review Board and the Australian Prudential Regulation Authority.
At the time of writing IFL shares are valued at $3.99, up from $3.06 on 11 December.
CC Capital was founded in 2015 by Chinh Chu.
