Third PE bid lobbed at Insignia | Australian Markets
The non-public equity contest for Insignia Monetary has heated up again, with Insignia receiving a confidential, non-binding and indicative proposal from Brookfield Capital Companions (UK) Ltd at a price of $4.60 per share.
Insignia has knowledgeable the Australian Securities Change (ASX) that the indicative proposal represents a money price per share the identical as that proposed by CC Capital Companions LLC in its revised non-binding proposal obtained on 17 January and Bain Capital in its second revised proposal on 22 January.
Insignia has, because it did with Bain and CC Capital, agreed to permit Brookfield a restricted period of entry to undertake due diligence.
The announcement follows earlier hypothesis that Brookfield had submitted a takeover bid for Insignia Monetary, which was subsequently denied by the firm final month.
“The Indicative Proposal is expressed to be subject to a number of conditions including satisfactory completion of due diligence, execution of a binding scheme implementation agreement on customary terms, unanimous recommendation to vote in favour of the transaction from the Insignia Financial Board of Directors and commitment from all directors to vote in favour of the transaction (subject to customary carve-outs) and approval of Brookfield’s investment committee of final transaction terms,” the ASX announcement stated.
“In addition, any transaction would, if entered into by Insignia Financial, be subject to approval of the Foreign Investment Review Board and the Australian Prudential Regulation Authority.”
“In order to determine if Brookfield is able to formulate an improved proposal from that reflected in the Indicative Proposal, Insignia Financial will offer to provide to Brookfield a limited period of access to certain non-public information on a non-exclusive basis. The provision of this information will be subject to certain conditions, including the signing of an appropriate confidentiality and standstill agreement by Brookfield.”
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