Insignia Financial Ltd (ASX:IFL) Rejects Bain Capital Proposal
Proposal Details
Insignia Financial Ltd (ASX:IFL) has formally rejected a non-binding acquisition proposal from Bain Capital. The indicative proposal aimed to acquire all outstanding shares of Insignia Financial through a scheme of arrangement.
Board Considerations
The Board of Insignia Financial undertook a thorough review of the proposal. After seeking advice from financial and legal experts, the Board concluded that the terms did not reflect the fair value of the company. It determined that engaging further with Bain Capital was not in the best interest of its shareholders. Insignia Financial assured that shareholders are not required to take any action regarding the proposal.
Advisory Support
Insignia Financial has enlisted Citigroup and Gresham Advisory Partners as financial advisers, alongside King & Wood Mallesons providing legal counsel.
This announcement has been endorsed by the Board of Insignia Financial Ltd.
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