Economic news

Australia’s Insignia Financial soars on reports of Bain Capital buyout

2024.12.12 02:17

Australia's Insignia Financial soars on reports of Bain Capital buyout

(Adds dropped word ‘soared’ in paragraph 2)

(Reuters) -Shares of Insignia Financial soared more than 10% in the final minutes of trade on Thursday on media reports that private equity investor Bain Capital was in advanced stages of making a buyout offer for the Australian wealth manager.

Insignia’s shares, which hovered around A$3.10 per share throughout the session, soared to A$3.40 in the last 10 minutes of trade settlements, as per LSEG data, propelling the stock to its highest closing level since late February last year.

Bain Capital, which bought out Virgin Australia during the COVID-19 pandemic in 2020, is working with Bank of America on a potential takeover of the A$2.27 billion ($1.46 billion) financial services firm, the Australian Financial Review reported citing unnamed sources.

Insignia had A$319.6 billion worth of funds under management and administration at the end of September.

Insignia Financial and Bain Capital did not immediately respond to Reuters requests for comments.

The Australian Stock Exchange’s (ASX) regular trading hours end at 4 p.m. Sydney time, followed by 10 minutes of a pre-closing single-price auction period during which brokers can place, change or cancel orders ahead of market close. ($1 = 1.5581 Australian dollars)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 85,117.81 5.73%
ethereum
Ethereum (ETH) $ 2,261.51 4.72%
tether
Tether (USDT) $ 0.999798 0.04%
xrp
XRP (XRP) $ 2.21 7.97%
bnb
BNB (BNB) $ 596.60 3.19%
solana
Solana (SOL) $ 149.44 16.47%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.205755 7.44%
cardano
Cardano (ADA) $ 0.646318 6.67%
staked-ether
Lido Staked Ether (STETH) $ 2,259.89 4.74%
tron
TRON (TRX) $ 0.235665 7.76%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,864.74 5.66%
litecoin
Litecoin (LTC) $ 128.22 5.97%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,696.26 4.11%
chainlink
Chainlink (LINK) $ 14.88 6.16%
avalanche-2
Avalanche (AVAX) $ 22.37 7.03%
hedera-hashgraph
Hedera (HBAR) $ 0.217186 13.65%
stellar
Stellar (XLM) $ 0.292215 10.09%
sui
Sui (SUI) $ 2.87 10.66%
leo-token
LEO Token (LEO) $ 9.34 2.99%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 3.47%
the-open-network
Toncoin (TON) $ 3.32 2.14%
usds
USDS (USDS) $ 1.00 0.14%
mantra-dao
MANTRA (OM) $ 7.64 5.35%
polkadot
Polkadot (DOT) $ 4.81 3.43%
hyperliquid
Hyperliquid (HYPE) $ 20.04 5.64%
weth
WETH (WETH) $ 2,260.26 4.76%
bitcoin-cash
Bitcoin Cash (BCH) $ 321.58 13.83%
ethena-usde
Ethena USDe (USDE) $ 0.998909 0.00%
bitget-token
Bitget Token (BGB) $ 4.08 4.91%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,396.67 4.78%
uniswap
Uniswap (UNI) $ 7.57 2.90%
monero
Monero (XMR) $ 222.43 7.45%
whitebit
WhiteBIT Coin (WBT) $ 26.64 3.56%
aptos
Aptos (APT) $ 6.40 9.93%
near
NEAR Protocol (NEAR) $ 3.16 8.39%
pepe
Pepe (PEPE) $ 0.000008 5.16%
dai
Dai (DAI) $ 0.999451 0.03%
ondo-finance
Ondo (ONDO) $ 1.03 12.15%
internet-computer
Internet Computer (ICP) $ 6.57 3.23%
susds
sUSDS (SUSDS) $ 1.05 0.80%
ethereum-classic
Ethereum Classic (ETC) $ 19.72 11.15%
aave
Aave (AAVE) $ 193.79 1.57%
bittensor
Bittensor (TAO) $ 332.75 8.21%
okb
OKB (OKB) $ 45.14 1.57%
gatechain-token
Gate (GT) $ 21.12 4.36%
official-trump
Official Trump (TRUMP) $ 13.29 16.46%
mantle
Mantle (MNT) $ 0.720912 0.07%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 85,018.78 5.30%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.273938 4.52%