In announcement is written: "After careful consideration, the Board has determined the terms of each Proposal to be attractive for Insignia Financial shareholders and has concluded that it would be in the best interests of Insignia Financial shareholders that Insignia Financial enter into an Exclusivity Deed with each of Bain and CC Capital (each an Exclusivity Deed ) to further progress their respective Proposals."
IFL board will not decline proposal most probably they will enter in take over process and only after few month shareholders will vote and then small possibility that shareholders will vote against takeover.
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(20min delay)