IFL Receives Revised Indicative Non-Binding Proposal

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Stock Insignia Financial Ltd (IFL.ASX)
Release Time 17 Jan 2025, 9:54 a.m.
Price Sensitive Yes
 Insignia Financial Receives Revised Acquisition Proposal
Key Points
  • Insignia Financial received revised non-binding indicative proposal from CC Capital Partners to acquire the company for A$4.60 per share
  • The revised proposal represents a 7% premium to previous proposals from CC Capital and Bain Capital
  • Insignia Financial's board is considering the revised proposal, but no certainty a binding offer will eventuate
Full Summary

Insignia Financial Ltd (ASX: IFL) has received a revised non-binding and indicative proposal from CC Capital Partners, LLC to acquire all of the shares in Insignia Financial by way of a scheme of arrangement at a price of A$4.60 cash per share (adjusted for any dividends paid or payable after the date of the proposal). This revised proposal represents a 7% premium to CC Capital's original non-binding indicative proposal of $4.30 cash per share dated 3 January 2025 and Bain Capital's revised non-binding indicative proposal of $4.30 cash per share dated 11 January 2025. The revised proposal from CC Capital is otherwise subject to the same terms and conditions as their original proposal. Insignia Financial's board, together with its financial and legal advisers, is considering the revised proposal, but cautions that there is no certainty that it will result in a binding offer or that any transaction will eventuate. Insignia Financial shareholders do not need to take any action at this time, and the company will continue to keep the market informed in accordance with its continuous disclosure obligations.