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Insignia Financial announced on Wednesday that Bain Capital has withdrawn its binding bid to acquire the Australia-based wealth management firm, citing instability in global capital markets.
Bain Capital had been competing against Wall Street’s CC Capital in a bidding war to purchase Insignia. In March, Bain raised its offer to A$3.34 billion (US$2.16 billion), valuing Insignia’s shares at A$5 each.
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The company stated that it is still in talks with CC Capital, which has expressed its intention to continue working towards submitting a binding offer in the coming weeks.
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Insignia had granted both bidders an extended exclusivity period until Thursday to finalize their proposals.
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