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Investing.com-- Insignia Financial Ltd (ASX:IFL) said on Tuesday it had agreed to a takeover offer from CC Capital just months after Bain Capital pulled its buyout for the wealth manager, which was earlier involved in a three-way bidding war.
Insignia shares surged 11.5% to A$4.37 after the announcement, outpacing a 0.1% rise in the ASX 200.
Insignia said it entered a scheme implementation deed with CC Capital, under which the latter will buy Insignia at A$4.80 per share in case, or A$3.3 billion ($2.2 billion).
CC, Bain, and Brookfield had competing bids for Insignia since at least December 2024. But Brookfield had earlier this year declined to raise its offer for the firm. Bain had also dropped its bid for Insignia in May, citing volatile market conditions.
Insignia’s board recommended that shareholders vote in favor of the deal, which is still subject to regulatory approval.