ASX Announcements
Change in substantial holding
Corporations Act Subsection 259C(2) Exemption Notice
Security holder details - Other, Issued Capital - Other
Ceasing to be a substantial holder for MYX
Ceasing to be a substantial holder
Market Sensitive
IFL receives revised indicative non-binding proposals
Variation of Takeover Bid, Scheme of Arrangement, Indicative Non-Binding Proposal, Takeover - Timer Applied
Market Sensitive
Early redemption request for subordinated loan notes
Issued Capital - Other, Progress Report
This Month
Brookfield drops out of boosted $3.4b Insignia bidding war
But other prospective bidders, Bain Capital and CC Capital, have lobbed higher $5-per-share offers for the near 180-year-old institution once known as IOOF.
Retail super funds revolt as ASIC goes soft on AustralianSuper
The chief executives of AMP and Insignia, which runs MLC and IOOF, have criticised a lower fine for the not-for-profit industry superannuation giant.
February
Retirees need advice, not force-fed standard products: Insignia boss
“One size does not fit all in retirement,” Scott Hartley says in response to The Australian Financial Review reports about government’s best practice consultation.
Three’s an unusually big crowd in a $3b leveraged buyout; buyer beware
When PE firms push each other to the limit, the buyer often lives to regret it. Insignia Financial is a fascinating test.
Battle for Insignia becomes three-way bidding war
Brookfield is vying for the owner of MLC, joining a $3.1 billion wealth management tussle with CC Capital and Bain Capital.
Brookfield taps Jarden, G+T for Insignia tussle; eyes on Healthscope
Brookfield is said to have tapped trans-Tasman investment bank Jarden and law firm Gilbert + Tobin for its run at the wealth management group.
January
Big super to keep pushing companies on climate
New climate disclosure laws mean even retail super funds will engage with companies on climate this year. Poor workplace safety and governance is also a concern.
Bain Capital matches $2.9b bid for Insignia in private equity shootout
The firm has met CC Capital’s offer and also signalled it is open to allowing Insignia shareholders to retain some of their stake.
Bain Capital set to match CC Capital at Insignia
Bain Capital, which bought out Virgin Australia in the depths of the COVID-19 pandemic and swept Estia Health off the ASX in 2023, is eager to take the fight to CC Capital.
Top super investors dash pre-election rate cut hopes
But they say investors should be optimistic about inflation easing despite later cuts and risks associated with Donald Trump taking the White House.
CC Capital bids $2.9b for Insignia in private equity shootout
The New York-headquartered private equity firm lobbed a cash bid, trumping Bain Capital’s rejected offer.
Private equity’s $2.9b bolt from the blue kickstarts M&A wave
Get off the beach, the new year has begun with a doozy of a buyout bid. It is not straightforward, but it is a bit of fresh meat.
December 2024
Santa quashes Bain Capital’s big Aussie buyout, for now
Behind the flurry of statements, there’s a game of M&A chess. Insignia Financial is this year’s Christmas special.
Insignia board weighs $2.7b Bain bid against turnaround
Bain’s cash has Insignia shareholders wondering whether they should cut and run ahead of a complex but credible turnaround strategy.
PE giant Bain Capital zeros in on $2b Insignia; BofA on hand
Street Talk understands Bain Capital is running the ruler over ASX-listed over $2 billion ASX-listed financial services giant Insignia Financial.
Global super giant finds Aussie beachhead at MLC
This is a deal like few others – big on employees and software, light on cash. The bigger thing is what it could do for Australia’s superannuation sector.
November 2024
New CEO takes a turn to ‘Make MLC Great Again’
The last owner to make good money out of MLC was Lendlease, more than two decades ago. But it is coming back.
August 2024
The super funds failing to perform
For the first time, all default MySuper options passed the APRA performance test, but big retail funds continue to underperform.
Insignia shares sink after ‘disappointing’ dividend pause
Delivering his first full-year results as CEO, Scott Hartley said the dividend freeze was needed to strengthen the balance sheet amid remediation costs.
July 2024
Insignia fined $10.7m but share price soars
The regulator slammed the financial services giant for “still struggling with foundational issues” such as failing to put members’ money into default MySuper products.