Insignia Financial (ASX:IFL) has received an indicative and non-binding proposal from Bain Capital to acquire all of its shares via a plan of arrangement. The offer price is $4.00 per share, adjusted to account for any dividends paid or payable after the date of the offer.
Insignia is a wealth manager with roots dating back to 1846. It provides financial advice, superannuation, global platforms and asset management services to members, financial advisors and corporate employers.
The proposal
The offer, which was submitted to Insignia after market close on December 12, 2024, is subject to several conditions, including due diligence, execution of a binding program implementation agreement and regulatory approval of the Foreign Investment Review Board and the Australian Prudential Regulatory Authority. .
Insignia’s board of directors, along with its financial and legal advisors, is evaluating the proposal to determine whether it is in the best interests of shareholders. However, Insignia stressed that there is no certainty that a transaction will go ahead.
Shareholders have been informed that they do not need to take any action at this stage.
Insignia shares closed 6.18% higher at $3.61 on the news.
