Is a third bidder in the frame for Insignia?
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third US private equity player in Brookfield.
It was reported in The Australian newspaper that Brookfield was considering whether to join Bain Capital and CC Capital in making the bid for the company. The title stated Brookfield is yet to decide if it will make an indicative offer.
It noted Brookfield already owns Australian non-bank lender La Trobe Financial so it has an interest in the Australian market.
Referencing the press speculation, Insignia made a statement to the ASX to confirm it has not received a bid.
“Insignia Financial confirms it has not received any proposal from Brookfield.
“Insignia Financial will inform the market if or when there are material matters to disclose, in accordance with its continuous disclosure requirements.”
Brookfield is a global alternative asset manager with over US$900 billion in assets under management, specialising in real estate, infrastructure, private equity and credit.
In 2019, the firm acquired the majority of Oaktree Capital, which has also made its own entry into the Australian market with a $240 million investment in professional services firm AZ NGA.
In December, Insignia stated it had received a bid from Bain Capital for $4 per share to acquire the company. This was later rejected by the board who felt it did not represent fair value for shareholders.
At the start of January, it then received a second offer from CC Capital with a higher bid of $4.30 per share and is yet to finalise an answer on that bid.
AUTHOR
Laura Dew
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
