By Stuart Condie

SYDNEY--Australian wealth manager Insignia Financial said CC Capital Partners is still working up a binding offer, almost four months after it first opened its books to the private-equity firm.

Insignia on Tuesday said that CC Capital has said it is actively working toward making a binding bid. The ASX-listed company granted CC Capital and rival suitor Bain Capital access in early March, but Bain withdrew two months later.

"CC Capital is finalizing financing and investment committee approvals, a process that is expected to be completed in the next two weeks," Insignia said.

Insignia had not commented on the takeover tussle since May 14, when it said Bain had withdrawn due to volatility in capital markets. Last week, Bain Capital's regional head told Dow Jones Newswires that the Boston-based group could revive its interest.

After months of dueling proposals for Insignia, CC Capital and Bain each independently offered 5.00 Australian dollars a share, equivalent to about US$3.29. Insignia opened its books to both in March and granted them exclusivity the following month.

Brookfield Asset Management had also been interested but did not match the A$5.00-a-share proposals.

The stock was at A$3.63 ahead of the open.

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

(END) Dow Jones Newswires

June 30, 2025 18:56 ET (22:56 GMT)

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