Bain matches CC Capital $4.60 bid for Insignia

The bidding war for Insignia Financial has heated up yet again with Bain Capital lodging a further revised non-binding indicative proposal at $4.60 cash per share.

Confirming receipt of the revised proposal, Insignia said it represented a cash price per share the same as that proposed by New York-based CC Capital Partners.

It said the Bain Second Revised Indicative Proposal represents a 7% premium to Bain’s earlier revised proposal.

Insignia said that in order to determine if Bain is able to formulate a further improved proposal it has offered to provide Bain a limited period of access to certain non-public information on a non-exclusive basis.

“The provision of limited due diligence does not guarantee that the Bain Second Revised Indicative Proposal will result in a binding offer or one that is capable of being recommended by the Board,” Insignia’s statement said.