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Investing.com-- Shares of Insignia Financial Ltd (ASX:IFL) surged more than 10% on Tuesday after the Australian wealth manager disclosed that U.S.-based CC Capital Partners (WA:CPAP) is nearing a binding offer to acquire the company.
CC Capital, which previously submitted a A$3.3 billion non-binding proposal, is finalizing financing and internal approvals, with a decision expected within two weeks, the company said in a statement.
Shares of the company jumped as much as 11% to A$4.04, their highest level since mid-May. The stock was trading 6.3% higher at A$3.86 as of 01:26 GMT.
The potential acquisition highlights ongoing consolidation in Australia’s financial sector.
Bain Capital withdrew its buyout offer last month, citing market volatility, but Insignia said it remains in talks with CC Capital.