Australia’s Insignia Financial said on Thursday that it has extended the exclusivity period by four weeks for both its bidders, Bain Capital and CC Capital Partners, to consider their proposals to acquire the wealth manager.
Following the requests of both Bain and CC Capital, Insignia extended the exclusivity period to allow the two suitors to finalise debt funding and associated due diligence, the company said in a statement.
Shares of Insignia rose 3.9% to A$3.73 by 0030 GMT, while the broader benchmark ASX 200 index inched 0.1% higher.
Earlier in March, the company granted access to its books to Bain, best known in Australia for acquiring Virgin Australia out of administration, and CC Capital, a Wall Street-based private equity firm, after both raised their respective takeover bids to A$3.34 billion ($2.13 billion).
