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Australia’s Insignia rejects Bain’s $1.7 billion takeover play

Summary by WTVB
(Reuters) -Australia’s Insignia Financial said on Wednesday it had rejected an all-cash takeover bid from private equity giant Bain Capital, which valued the 178-year-old money manager at A$2.67 billion ($1.69 billion). The global buyout firm had earlier this month offered A$4 apiece for Insignia, which oversees A$228 billion of funds. The offer “does not adequately represent fair value for IFL shareholders,” Insignia said. Australia’s wealth ma…
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