BUZZ-Insignia hits more than 3-year high on ex-Blackstone dealmaker's takeover bid
Updates with Morningstar comments and share price
Australia's Insignia Financial IFL.AX rises as much as 13.7% to A$4.025; highest since Nov. 2021
*Stock set for strongest trading session since July, 2024
Money manager gets A$2.9 bln ($1.81 bln) competing takeover bid from CC Capital Partners - family office set up by former top Blackstone dealmaker Chinh Chu
New offer of A$4.30 at 7.5% premium to buyout major Bain Capital's A$4 bid, which IFL rejected last month
Morningstar analyst Shaun Ler says CC Capital offer vindicates investment researcher's view that co was undervalued and that its earnings outlook is brighter than 2023-2024 levels
Adds Insignia's board is reviewing CC Capital's proposal, likely weighing up the upside from stronger earnings against execution and market-related risks
Lifts IFL's fair value estimate to A$3.95 from A$3.60
Stock gained 51.7% last year
($1 = A$1.6113)
(Reporting by Kumar Tanishk and Rishav Chatterjee in Bengaluru; Editing by Richard Chang)
((Tanishk.Kumar@thomsonreuters.com))
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