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.
Again the FAAA retrospectively arguing something. Absolutely toothless
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