Insignia Financial Ltd. has granted CC Capital Partners limited access to some of its accounts as part of ongoing negotiations to encourage the U.S.-based firm to increase its takeover bid for the Australian wealth manager.
In a statement issued, Insignia emphasized that while the provision of restricted due diligence could potentially lead to a revised offer, there is no guarantee that this would result in a binding agreement or one deemed favorable by the company’s board.
“The provision of limited due diligence does not guarantee that the CC Capital revised indicative proposal will result in a binding offer or one that is capable of being recommended by the board of Insignia,” the company said.
Last week, CC Capital raised its offer to A$4.60 per share, valuing the company at approximately A$3.1 billion (US$1.9 billion). The bid is part of an ongoing battle with Bain Capital, as both foreign firms look to expand their footprint in Australia’s lucrative pensions market.
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