By Stuart Condie

SYDNEY--Bain Capital will get a look at Insignia Financial's books after it increased its proposal for the Australian wealth manager to about US$2.12 billion.

Insignia on Friday said that it would allow due diligence to Bain and rival suitor CC Capital Partners after each independently raised its cash proposal to 5.00 Australian dollars a share, equivalent to about US$3.17.

Insignia said it expects the process to be completed within six weeks and for its board to recommend a proposal worth at least A$5.00-a-share.

"The board has determined the terms of each proposal to be attractive for Insignia Financial shareholders," Insignia said in a market filing.

The proposals represent a 63% premium to the company's A$3.06 share price prior to the announcement of Bain's initial A$4.00-a-share proposal in December. With Insignia having rejected that approach, CC made a proposal of A$4.30 that Bain matched.

In January, CC proposed a A$4.60-a-share takeover, a proposal that was again matched by Bain. Brookfield Asset Management entered the tussle last month at the same price.

Insignia would not comment on whether its engagement with Brookfield was still ongoing. Brookfield, which already owns financial-services businesses in Australia, did not immediately respond to a request for comment.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

March 06, 2025 16:50 ET (21:50 GMT)

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