CC Capital bid for Insignia proceeds
CC Capital is to proceed with its acquisition of Insignia Financial.
Insignia Financial chief executive, Scott Hartley used the firm’s quarterly update announcement to confirm that Insignia has entered into a scheme implementation deed with CC Capital to acquire all the issued shares in Insignia Financial for a cash consideration of $4.80 per share.
He said shareholders would be kept updated as appropriate over coming weeks.
The announcement came as Insignia reported a solid fourth quarter with funds under management and administration increasing by $8.5 billion to $330.3 billion.
The documentation attaching to the announcement said the Insignia board is unanimously recommending that shareholders vote in favour of the scheme.
It said the Scheme Consideration implies an equity value of approximately $3.3 billion for Insignia Financial and represents a premium of:
-
- 56.9% to Insignia Financial’s undisturbed closing share price of $3.06 on 11 December 2024 (being the last trading day prior to announcement of Insignia Financial’s receipt of a non-binding indicative proposal from Bain);
- 49.8% to the one-month volume-weighted average price of Insignia Financial shares up to and including 11 December 2024; and
- 69.9% to the three-month volume weighted average price of Insignia Financial shares up to and including 11 December 2024.
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