Australia's Insignia Financial has rejected Bain Capital's A$2.67 billion ($1.69 billion) takeover bid, saying the offer does not provide fair value to its shareholders, creating a barrier for the buyout giant's Asia expansion plans.

Wealth group Insignia Financial has rejected a $2.7 billion bid from global private equity giant Bain Capital as not in the “best interests” of its shareholders. News of the Bain bid of $4 a share in cash broke late last week.

Australian wealth manager Insignia Financial 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 Dec. 18.

Australia's Insignia Financial said on Wednesday it had rejected an all-cash takeover bid from private equity giant Bain Capital, which valued the 178-year-old money manager at A$2.67 billion ($1.69 billion).

Bain’s cash has Insignia shareholders wondering whether they should cut and run ahead of a complex but credible turnaround strategy.

Insignia Financial (ASX:IFL) has rejected a takeover proposal from Bain Capital, saying that the offer did not reflect the company's value.

Wealth manager Insignia Financial has rejected Bain Capital’s $2.7bn takeover bid, arguing it undervalues the company as it embarks on a restructure under chief executive Scott Hartley.

AUSTRALIAN wealth manager Insignia Financial has rejected a A$2.7 billion (S$2.3 billion) takeover offer from private equity firm Bain Capital. Read more at The Business Times.