Insignia denies speculation over third PE takeover bid

Further fuel has been added to the Insignia Financial acquisition fire after the financial services firm was forced to comment on speculation that it had received another takeover bid from Canadian giant, Brookfield.

In an announcement posted to the Australian Securities Exchange (ASX) on Friday morning, Insignia confirmed that it had not received an acquisition proposal from Brookfield, which was previously reported by The Australian newspaper.

The firm said it remained compliant with the ASX Listing Rules and would continue to inform the market “if or when there are material matters to disclose” as required.

The Board of Insignia Financial, along with its financial and legal advisers, is currently weighing up an indicative acquisition proposal lodged by US private equity firm, CC Capital, which was disclosed to markets on Monday.

This follows not even one month after the company received its first takeover bid from fellow US private equity giant, Bain Capital, received and rejected in December.