Bain Capital pulls out of takeover race for Australia's Insignia

Reuters

Tue, May 13, 2025, 3:57 PM 1 min read

(Reuters) - Insignia Financial connected Wednesday said Bain Capital has pulled retired of making a binding bid for the Australia-based wealthiness absorption firm, citing volatility successful planetary superior markets.

Bain Capital had been locked successful a bidding warfare with Wall Street-based backstage equity steadfast CC Capital to bargain Insignia, and successful March, had raised its takeover connection to A$3.34 cardinal (US$2.16 billion), valuing the shares astatine A$5 each.

"Insignia Financial remains successful discussions with CC Capital, which has advised that it continues to actively enactment towards making a binding bid for the institution implicit the coming weeks," the institution said successful a statement.

The Australian wealthiness manager had granted some bidders extended exclusivity periods till Thursday to refine their proposals.

($1 = 1.5458 Australian dollars)

(Reporting by Roshan Thomas successful Bengaluru; Editing by Leroy Leo)