Reported 3 days ago
Insignia Financial shares surged to a three-year high following a $1.8 billion takeover offer from U.S.-based CC Capital, which surpassed Bain Capital's $2.67 billion proposal. Insignia's board is currently reviewing CC Capital's bid, which offers a 7.5% premium over Bain's offer. This deal would mark CC Capital's entry into Australia's vast superannuation system, vital for its future investment strategy. The transaction comes amid a recovery in corporate buyout activity in Australia, raising expectations for increased M&A activity in the upcoming year.
Source: YAHOO