(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Antony Currie
MELBOURNE, Jan 9 (Reuters Breakingviews) - The US investment firm is competing with CC Capital to take Australia's $1.7 bln Insignia Financial private. A new owner can accelerate much-needed cost cuts but the target will struggle to grow. Still, the deal is a rare chance to buy into the coveted superannuation industry.
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CONTEXT NEWS
Australian wealth and asset management company Insignia Financial on Jan. 6 said it had received a non-binding, indicative proposal from New York-based private investment firm CC Capital Partners that valued the company's equity at A$2.9 billion ($1.8 billion).
The A$4.30-a-share proposal is 7.5% higher than an offer from Bain Capital that Insignia revealed on Dec. 13 and rejected five days later. CC Capital's proposal is 41% above Insignia's undisturbed share price at market close on Dec. 11.
(Editing by Robyn Mak and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on antony.currie@thomsonreuters.com))
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