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

As predicted by The Australian Financial Review’s Street Talk column, the Insignia board confirmed on Monday that Bain had improved its offer. The new all-cash $4.30 a share bid represents a $200 million increase on its previous $4 a share proposal.