By Stuart Condie
SYDNEY--Shares of Insignia Financial closed 3.3% higher after the Australian wealth manager gave its rival private-equity suitors an additional four weeks to firm up their offers.
The ASX-listed company on Thursday said it extended the exclusive due-diligence period given to Bain Capital and rival suitor CC Capital Partners. Insignia initially opened its books in early March, when it expected due diligence to take six weeks.
Both Bain and CC Capital steadily raised their proposals before making nonbinding indicative cash offers valuing Insignia at about US$2.14 billion.
Insignia shares closed at 3.72 Australian dollars, equivalent to about US$2.37. The stock recently traded above A$4.60, compared with the A$5.00-a-share offered by Bain and CC Capital, before retreating amid a cyberattack on Insignia's Expand platform.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
April 17, 2025 02:35 ET (06:35 GMT)
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