• Insignia Financial received a confidential, non-binding proposal from Bain Capital to acquire the company
• The Insignia Financial Board believes the proposal does not adequately represent fair value for shareholders
• Insignia Financial has engaged financial and legal advisers to assist with the proposal

Insignia Financial Ltd (ASX:IFL) has announced that it has received a confidential, preliminary, non-binding and indicative proposal from Bain Capital to acquire all of the shares in Insignia Financial by way of a scheme of arrangement. The Insignia Financial Board has carefully considered the terms of the Indicative Proposal, including obtaining advice from its financial and legal advisers. The Board believes that, based on its view of the fundamental value of Insignia Financial, the Proposed Transaction does not adequately represent fair value for IFL shareholders in the context of a change of control transaction and that it is not in the best interests of IFL shareholders to engage with Bain Capital in relation to the Indicative Proposal. Insignia Financial has engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser to assist with the proposal.