Bain Drops Insignia Takeover Bid, CC Capital Talks Go On (1)

Insignia Financial Ltd. said Bain Capital has dropped its takeover offer for the Australian wealth firm, but talks are continuing with the remaining bidder, CC Capital Partners.

Bain told Insignia it won’t proceed with a binding offer due to “macro uncertainty caused by the volatility in global capital markets,” according to a statement from Insignia on Wednesday. Insignia said it remains in discussions with CC Capital, which has advised it’s actively work toward making a binding bid for the company over the coming weeks.

Both firms had made separate cash offers at A$5 per share that valued the company at ...