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BUZZ-Australia's Insignia Financial jumps on premium buyout offer from US firm

ReutersJan 5, 2025 11:35 PM

** Money manager Insignia Financial's IFL.AX stock jumps as much as 11% to A$3.930, the highest since late Feb. 2022

** Co receives a takeover bid from U.S.-based investment manager CC Capital Partners valuing the ASX-listed firm at A$2.87 bln ($1.78 bln)

** Offer price of A$4.30/share represents a 7.5% premium to a previous offer from Bain Capital, which IFL rejected for not providing fair value to shareholders

** Stock hits its biggest intraday pct gain since Dec. 12, 2024

** Shares of co last year gained 51.7%

($1 = 1.6113 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru; Editing by Richard Chang)

((Tanishk.Kumar@thomsonreuters.com))

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