Australia’s Insignia Financial said on Wednesday it had received an A$3.07-billion ($1.92-billion) takeover bid from Canadian firm Brookfield, matching the latest offers from Bain Capital and CC Capital Partners for the wealth manager.
Toronto-based Brookfield BN-T, in its proposal, has offered to buy the company at A$4.60 per share, representing a 6.5 per cent premium to Insignia Financial’s last closing price on Tuesday.
The Brookfield offer has triggered a three-way bidding war for Insignia, with U.S.-based Bain Capital and CC Capital Partners having already raised their respective bids for the company to $1.92-billion last month.
The bids come amid efforts by these companies to tap into Australia’s lucrative A$4.1-trillion superannuation system.
Insignia has granted Brookfield limited due diligence to determine if an improved offer can be formulated, the company said in a statement.