LA Private

Bain Capital makes offer to Insignia Financial

Insignia Financial (ASX:IFL) has received an indicative, non-binding proposal from Bain Capital to acquire all its shares via a scheme of arrangement. The offer price is $4.00 per share, adjusted for any dividends paid or payable after the proposal date.

Insignia is a wealth manager with roots dating back to 1846. It provides financial advice, superannuation, wrap platforms, and asset management services to members, financial advisers and corporate employers.

The proposal

The offer, which was submitted to Insignia after market close on 12 December 2024, is subject to several conditions, including due diligence, the execution of a binding scheme implementation agreement, and regulatory approval from the Foreign Investment Review Board and the Australian Prudential Regulation Authority.

The Insignia Board, along with its financial and legal advisers, is assessing the proposal to determine if it is in the best interests of shareholders. However, Insignia emphasised that there is no certainty that any transaction will proceed.

Shareholders have been advised that they do not need to take any action at this stage.

Shares in Insignia closed 6.18% higher at $3.61 on the back of the news.