(Reuters) – New York-headquartered asset manager Brookfield has emerged as the latest private equity firm seeking to buy Australian wealth manager Insignia Financial, joining the bidding frenzy by matching the offers by rivals.
Brookfield’s A$4.60 per share offer on Wednesday values Insignia at A$3.07 billion ($1.9 billion) and has got it limited access to the wealth manager’s books.
The other bidders, Bain Capital and CC Capital Partners, have also bid for Insignia at A$4.60 apiece and have limited access to the money manager’s books.
Insignia’s stock rose 7.6% to A$4.65 on Wednesday, surpassing the latest offer price for the first time since the initial bid from Bain was tabled in late 2024.
Here is a timeline of events since:
Dec. 12, 2024
Insignia shares soared over 10% in the final few minutes after the Australian Financial Review reported that Bain Capital was in advanced stages of making an offer for the firm.
Dec. 13, 2024
Insignia said it had received a non-binding all-cash takeover proposal from Bain Capital, valuing the Australian company at A$2.67 billion.
Dec. 18, 2024
Insignia rejects Bain Capital’s takeover bid, saying the offer does not provide fair value to its shareholders, creating a barrier for the buyout giant’s Asia expansion plans.
Jan. 6, 2025
Insignia receives an A$2.87 billion takeover offer from CC Capital Partners – a family office set up by former top Blackstone dealmaker Chinh Chu, topping Bain’s bid.
Jan. 10, 2025
Insignia responds to media reports, saying that it has not received an offer from buyout giant Brookfield. Its shares gain to hover around A$4.14.
Jan. 13, 2025
The bidding war escalates as Insignia reveals that Bain has sweetened its bid, now valuing the firm at A$2.87 billion, matching CC Capital’s offer.
Jan. 17, 2025
CC Capital sweetens its offer to A$3.07 billion, the first time a bidder offers A$4.60 apiece.
Jan. 20, 2025
Insignia provides CC Capital access to non-public information to help determine whether the U.S.-based suitor can improve its proposal.
Jan. 23, 2025
Bain matches CC Capital’s offer, pushing Insignia shares to a high of A$4.55 that day.
Feb. 5, 2025
Brookfield emerges as the third suitor for Insignia, also offering A$3.07 billion and sparking a three-way bidding war for the Aussie wealth manager.
($1 = 1.6013 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala)
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