Insignia dismisses Bain Capital takeover bid
In less than one week since announcing it had received a proposed takeover bid from US private equity giant Bain Capital, Insignia Financial has rejected it.
In another statement made to the Australian Securities Exchange (ASX) this morning, the wealth firm confirmed that it “was not in the best interests of IFL shareholders to engage with Bain Capital” on the indicative proposal of acquisition.
Insignia also said that its Board had determined, after consulting with its financial advisers, Citigroup and Gresham Advisory Partners, and its legal advisers, King & Wood Mallesons, that the proposed terms of a transaction do not “adequately represent fair value for IFL shareholders in the context of a change of control transaction”.
The statement also said the Board had considered its view of the “fundamental value of Insignia Financial”, which led to it rejecting the offer from Bain Capital.
Please explain ?
Surveying members that received full comprehensive Advice from external Advisers, and using that very positive research to promote their own…
CFS is simply going direct to the consumer and bypassing financial advisers. Nothing to commend.
Does no one read articles these days ? FFS
I have recently been discussing using CFS again with their staff. It's hard to support when they are competition as…