CC Capital ups bid for Insignia
The bidding war for Insignia Financial has heated up another notch with the company reporting that it has received an improved offer from New York-based PE firm, CC Capital Partners.
Insignia has told the Australian Securities Exchange (ASX) that it has received a revised indicative proposal at a price of $4.60 cash per share.
It said the CC Capital Revised Indicative Proposal represents a 7% premium on CC Capital’s original non-binding indicative proposal of $4.30 per share and Bain Capital’s revised non-binding indicative proposal of $4.30 per share.
Insignia said that its board, together with its financial and legal advisers, is considering the CC Capital Revised Indicative Proposal.
There is no profession in the country that holds more data on individuals than Financial Advisers. Far more than accountants. We have been dealing with Australians most sensitive data for decades, and are far more responsible than even Government Departments. Treasury have no idea the lengths that our profession has already invested in Cyber security. We are miles ahead of many government departments. This is just another insult from arrogant know-it-all Bureaucrats who need to look into their own backyard before throwing barbs and insults at our profession.