Insignia Financial said on Thursday it has received an improved offer from U.S.-based Bain Capital to acquire the money manager for A$3.07 billion ($1.92 billion), matching rival CC Capital Partners' offer as bidding war escalates.

Bain Capital matched an offer from CC Capital Partners for Insignia Financial Ltd. as the bidding frenzy for the Australian wealth management firm heated up.Most Read from BloombergTexas HOA Charged W

Insignia Financials shares surged to a three-year high on Thursday, fueled by a revised takeover offer of A$3.07 billion ($1.92 billion) from Bain Capital. The U.S.-based firm matched a bid from rival CC Capital Partners,

Earlier this month, CC Capital Partners had upped the ante with a rival bid, seeking to gain a foothold in Australia's lucrative A$4.1 trillion superannuation system, a prize that has driven the intense bidding competition between the two suitors.

The proposal compares with a prior offer of A$4.30 per share, made by CC Capital and matched by Bain earlier this week.

Insignia Financial shares also appear to be catching some tailwinds from the company's quarterly update (2Q FY 2025), released today. Highlights for the three months to 31 December included a 2.2% increase in Funds Under Management and Administration (FUMA) to $326.8 billion.

Insignia Financial will open its books to Bain Capital in the hopes of enticing a higher offer from the suitor – and potentially heightening the bidding war with rival CC Capital.