Bain Capital May Revisit Bid for Australia's Insignia -- Interview26/06/2025 10:00PM By Stuart Condie SYDNEY--Bain Capital could return with another bid for Australian wealth manager Insignia Financial after walking back its earlier US$2.18 billion proposal amid tariff-driven market upheaval. The Boston-based private-equity firm exited the contest last month after the Trump administration's tariff announcement roiled global debt and equity markets, undermining the financial assumptions behind its bid. That left CC Capital Partners as Insignia's only suitor. Australia-listed Insignia has not commented on negotiations since May 14, when it said Bain had walked away but that talks with CC Capital were continuing toward a binding offer. Mike Murphy, who heads Bain's Australia operations, said Wednesday the firm "maybe" could revisit a move for Insignia. Bain's work on its previous proposal was being finalized just as the Trump administration announced its so-called "Liberation Day" tariffs in early April, Murphy said. "On the debt side, what we had hoped to secure two days before those announcements was very different to what we were looking to secure three days after," Murphy said. "When that kind of thing falls away under your feet, it makes the equity side of the story pretty hard as well." The exclusivity period granted to Bain and CC Capital expired on May 15. Murphy said that Australia's ageing population makes wealth management particularly interesting to Bain. He declined to comment on local media reports linking Bain to Insignia's rival Perpetual. Insignia's shares fell 16% on the day it announced of Bain's withdrawal and are down 25% since opening its books to Bain and CC Capital in early March. Insignia announced Bain's initial approach in December, with CC Capital joining the contest a month later. Both parties eventually raised their cash offers independently to 5.00 Australian dollars a share, equivalent to about US$3.26. A third suitor, Brookfield Asset Management, opted against matching the proposals. Insignia's stock closed Wednesday at A$3.52. Write to Stuart Condie at
[email protected] (END) Dow Jones NewswiresJune 26, 2025 08:00 ET (12:00 GMT)Copyright (c) 2025 Dow Jones & Company, Inc.
. the takeover offer is holding a transaction one or the other way. take over or walk away..
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