Australian wealth manager Insignia Financial (ASX:IFL) is continuing to engage with CC Capital Partners 20 days after the suitor informed the target that it remains actively working towards making a binding bid.
While Insignia together with financial advisors Citigroup and Gresham Advisory Partners and legal advisors King & Wood Mallesons continue discussions there is no certainty it will result in any transaction being put to shareholders for consideration.
On 1 July, Insignia Financial was informed by CC Capital that as part of its move towards making a binding bid it was finalising financing and investment committee approvals, a process that was expected to be completed within two weeks of that announcement.
With three weeks passing since then, no indicative timetable has been set on these continued takeover talks with CC Capital.
As reported by Mining.com.au in March 2025, Insignia received separate revised non-binding and indicative proposals each from Bain Capital Private Equity and CC Capital Partners to acquire Insignia by way of a scheme of arrangement.
Both bidders at the time separately and independently submitted increased proposals at a price of $5 cash per share, adjusted for any dividend paid or payable after the date of the proposals).
After consideration, Insignia Financial had determined it will be in the best interests of shareholders to enter into an exclusivity deed with each bidder to further progress their respective proposals.
On 17 April, Insignia Financial revised non-binding and indicative proposals from each of Bain Capital Private Equity and CC Capital and following requests from both bidders, the exclusivity period had then been extended by an additional four weeks.
With origins dating back to 1846, today the Insignia Financial Group is a leading Australian wealth manager. Insignia Financial provides financial advice, superannuation, wrap platforms and asset management services to members, financial advisers and corporate employers.
Write to Adam Orlando at Mining.com.au
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