Daily Brief Financials: Insignia Financial, American International Group and more

In today’s briefing:

Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain
(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom
Can American Airlines Reclaim Its Throne In Corporate Travel?

Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain

Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.
While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war.
The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.

I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. I’ve yet to see a solid rationality why they would block.
One new deal was discussed this week: Bain’s Tender Offer for Jamco Corp (7408 JP). Ho Bee Land Ltd (HOBEE SP) also countered for AVJennings Ltd (AVJ AU).
Key updates/news took place on: Insignia Financial (IFL AU), Lifestyle China (2136 HK), and Advanced Info Service (ADVANC TB)/Thaicom Pcl (THCOM TB).

American Airlines, the second-largest U.S. carrier by passenger traffic, has recently been on a mission to regain the trust and business of corporate travelers—a segment it admits to neglecting in recent years.
After a failed sales and distribution strategy in 2022, the airline found itself trailing its rivals, United Airlines and Delta Air Lines, both of which gained market share in the lucrative business travel segment.
The misstep cost American Airlines an estimated $1.5 billion in revenue in 2023 and left it grappling with customer dissatisfaction.

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