Insignia grants competing PE bidders an extension

The competing private equity bids for Insignia Financial remain on foot with Insignia granting the two parties an extension of their exclusive due diligence period.

Insignia has announced to the Australian Securities Exchange (ASX) that it had granted the extension in response to requests from both bidders – Bain Capital and CC Capital Partners.

It said the extension is to allow the bidders to finalise debt funding and associated due diligence, and finalisation of the Scheme Implementation Deed forms.

However, the ASX announcement said there is no certainty that either proposal will result in any transaction being put to Insignia shareholders for consideration.