Insignia is receiving financial advice from Citigroup, Gresham Advisory Partners, and legal counsel from King & Wood Mallesons.

The offer came days after Insignia notified the market that it was a takeover target of CC Capital Partners, a private investment firm founded and led by ex-Blackstone dealmaker Chinh Chu.

Private equity firm Bain Capital has boosted its buyout offer for ASX-listed wealth giant Insignia Financial to $2.9 billion, matching a competing approach for the 180-year-old company from CC Capital and escalating the year’s first bidding war.

Bain Capital sweetened its bid for Insignia Financial Ltd. as takeover activity heats up for the Australian wealth manager. Most Read from BloombergA Blueprint for Better Bike LanesWhat Robotaxis Brought San FranciscoAmbitious High-Speed Rail Plans Advance in the Baltic RegionNYC Condo Owners May Bear Costs of Landmark Green Building LawNew York,

Australia's Insignia Financial said on Monday that private equity firm Bain Capital has sweetened its bid for the 178-year-old wealth manager, now valuing it at A$2.87 billion ($1.76 billion), matching CC Capital's bid as the bidding war heats up between the two suitors.

Bain Capital and CC Capital compete for Insignia with offers as Insignia considers both bids. Analysts boost stock outlook.

Bain Capital has lobbed a sweetened $4.30 per share offer for Insignia Financial, matching rival CC Capital’s earlier bid as a tug of war for the wealth manager heats up.

According to Morningstar, the new “fair value estimate” for Insignia is $3.95 per share, up from its previous number of $3.60, which Ler said reflected an “equal-weighted probability of Insignia being acquired by CC Capital or staying stand-alone”.