Australia's Insignia climbs on extension of due diligence period for bidders

Shares of Insignia Financial IFL.AX rise 3.5% to A$3.725

Stock rises as much as 4.7%, marking its biggest intraday gain since April 10

Wealth manager says it extended exclusivity period by four weeks for private equity bidders Bain Capital and CC Capital Partners to consider acquisition proposals

Extension follows requests from Bain and CC Capital to finalise debt funding and complete due diligence

Both suitors value IFL at A$3.34 billion ($2.12 billion)

Stock up 4.8% YTD

($1 = 1.5773 Australian dollars)