(Bloomberg) — Bain Capital sweetened its offer for Insignia Financial Ltd. as acquisition activity heats up for the Australian wealth manager.

Read more from Bloomberg

The Boston-based private equity firm offered A$4.30 per share, Insignia said in a statement on Monday. That matches an earlier offer from CC Capital Partners and comes after Insignia rejected a lower offer from Bain last month.

Bain, in its revised offer, said it was open to discussing a transaction structure that would allow Insignia shareholders to receive part of the deal as equity in the new entity.

Insignia shares advanced as much as 2.9% to trade at A$4.22 at 10:06 a.m. in Sydney.

Foreign players are eager to acquire Australian money management firms, in part because of their exposure to one of the world’s fastest-growing pension funds. Bain’s most recent offer values ​​Insignia at about A$2.9 billion ($1.8 billion).

Insignia’s board is considering both offers, according to the statement.

(Add Monday’s stock price to fourth paragraph)

Read more from Bloomberg Businessweek

©2025 Bloomberg LP