Overseas capital vying for the Australian wealth market, Bain and CC Capital respectively increased their bids to 5 Australian dollars per share to acquire the asset management giant Insignia.

As the bidding war for this Australian financial services company intensifies, Bain Capital and CC Capital have raised their respective takeover offers for Insignia Financial Ltd., causing the company's stock price to soar by as much as 14% in the Australian market. According to a statement from Insignia on Friday, the two acquiring companies have each made cash offers at a price of AUD 5 per share. This values the Sydney-listed company at approximately AUD 3.4 billion (USD 2.2 billion). As of local time 10:42 AM, Insignia's stock trading price was AUD 4.745. The two American companies will conduct six weeks of further due diligence. Insignia's board of directors stated that each proposed term is "very attractive." According to two sources familiar with the matter, previous bidder Brookfield Asset Management Ltd. did not submit an updated offer. As the matter is still confidential, the two sources requested anonymity. Brookfield had previously offered AUD 4.60 per share, competing with Bain Capital and CC Capital, and had been granted the right to conduct due diligence alongside them. Spokespersons for Insignia and Brookfield declined to comment. Overseas investors are vying for a share of the Australian wealth and retirement market. Insignia manages around AUD 327 billion in assets, with a range of services that includes financial consulting and fund management. The statement noted that each proposal now needs to satisfy a range of conditions, including completing due diligence and receiving a unanimous recommendation from the board.