CC Capital bid for Insignia proceeds | Australian Markets
CC Capital is to proceed with its acquisition of Insignia Financial.
Insignia Financial chief government, Scott Hartley used the firm’s quarterly replace announcement to substantiate that Insignia has entered into a scheme implementation deed with CC Capital to amass all of the issued shares in Insignia Financial for a money consideration of $4.80 per share.
He mentioned shareholders can be saved up to date as applicable over coming weeks.
The announcement got here as Insignia reported a stable fourth quarter with funds below management and administration rising by $8.5 billion to $330.3 billion.
The documentation attaching to the announcement mentioned the Insignia board is unanimously recommending that shareholders vote in favour of the scheme.
It mentioned the Scheme Consideration implies an equity worth of roughly $3.3 billion for Insignia Financial and represents a premium of:
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- 56.9% to Insignia Financial’s undisturbed closing share price of $3.06 on 11 December 2024 (being the final trading day previous to announcement of Insignia Financial’s receipt of a non-binding indicative proposal from Bain);
- 49.8% to the one-month volume-weighted average price of Insignia Financial shares up to and together with 11 December 2024; and
- 69.9% to the three-month quantity weighted average price of Insignia Financial shares up to and together with 11 December 2024.
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