(Bloomberg) -- Australian wealth manager Insignia Financial Ltd. has rejected a A$2.7 billion ($1.7 billion) takeover offer from private equity firm Bain Capital.
Insignia said the A$4 per share preliminary, non-binding offer it received last week didn’t represent fair value, according to a statement Wednesday.
Some overseas private equity giants have become interested in acquiring Australian wealth management assets that have exposure to one of the fastest growing pension pools in the world.
Elsewhere, KKR & Co. and Perpetual Ltd. are continuing to engage regarding a A$2.2 billion acquisition of the Australian fund manager’s wealth management business amid doubts over the transaction. Meantime, hedge fund Regal Partners Ltd. ended takeover talks with Platinum Asset Management Ltd. after almost two months of due diligence failed to lead to an improved offer.
Insignia had about A$319.6 billion worth of funds under management and administration at the end of September, according to its website.
(Adds detail on other deals in Australia from third paragraph)
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