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.

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