Insignia Financial (ASX:IFL) gave an ultimatum for binding takeover bids by the month's end as private equity firms CC Capital Partners, Bain Capital, and Brookfield Asset Management's UK unit vie for control of the wealth manager, according to a Monday report by Bloomberg News, citing unnamed sources.
CC Capital Partners and Bain Capital have been asked to submit their offers within two weeks, after meeting with Insignia's management in recent weeks, per the report.
The deadline remains unchanged despite the Brookfield unit's late entry, the report added.
Each firm gave separate proposals to take the company private at AU$4.60 per share, implying Insignia's valuation at AU$3.1 billion.
Insignia, Bain, CC Capital, and Brookfield did not immediately respond to MT Newswires' request for comment.
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