Australian wealth manager Insignia Financial received a $1.7 billion non-binding takeover proposal from Boston-based Bain Capital.

Insignia Financial has received a $2.7bn buyout proposal from Bain Capital after private equity firms are said to have been circling the business for some time.

KKR and Bain have been competing for Fuji Soft. KKR announced last month that it would offer 1 yen higher than Bain's earlier bid. Fuji Soft's board of directors unanimously expressed a supportive opinion of KKR's offer, recommending that shareholders tender their shares.

Australia's Insignia Financial said on Friday it has received a non-binding takeover all-cash proposal from private equity Bain Capital, valuing the 178-year-old wealth manager at A$2.67 billion ($1.70 billion).

US PRIVATE equity giant Bain Capital offered to buy Insignia Financial, the Australian financial services firm, in a deal worth about A$2.7 billion (S$2.3 billion). Read more at The Business Times.