Insignia allows CC Capital limited due diligence

Insignia Financial has taken the next step in dealing with the takeover offer from New York-based private equity player, CC Capital Partners, granting the firm non-exclusive access to undertake due diligence.

Insignia announced to the Australian Securities Exchange (ASX) that it has granted a limited period of access to certain non-public information on a non-exclusive basis to help it determine whether CC Capital can improve its proposal.

CC Capital has already proposed a scheme of arrangement at a price of $4.60 cash per share.

Insignia said the provision of the information to CC Capital is subject to certain conditions and the signing of an appropriate confidentiality and standstill agreement.

The company said that the provision of limited due diligence did not guarantee that the CC Capital Revised Indicative Proposal would result in a binding offer or one capable of being recommended by the Insignia Board.