Insignia Financial said on Thursday it has received an improved offer from U.S.-based Bain Capital to acquire the money manager for A$3.07 billion ($1.92 billion), matching rival CC Capital Partners' offer as bidding war escalates.

Insignia Financials shares surged to a three-year high on Thursday, fueled by a revised takeover offer of A$3.07 billion ($1.92 billion) from Bain Capital. The U.S.-based firm matched a bid from rival CC Capital Partners,

Bain Capital matched an offer from CC Capital Partners for Insignia Financial Ltd. as the bidding frenzy for the Australian wealth management firm heated up.Most Read from BloombergTexas HOA Charged W

Insignia Financial's shares hit a three-year high on Thursday, driven by a revised takeover offer of A$3.07 billion ($1.92 billion) from U.S.-based Bain Capital, matching the bid of rival CC Capital Partners and fuelling a heated bidding war.

Insignia has announced a revised bid from Bain Capital, alongside its quarterly business update which pointed to FUMA growth of 2.2 per cent as at 31 December.

The back and forth continues in the battle to acquire Insignia Financial as Bain Capital has hit back with another revised offer of $4.60 per share, matching CC Capital’s recent offer. Consequently, Bain have been allowed to do the same due diligence CC Capital was permitted while Insignia considers both proposals.

Insignia Financial will open its books to Bain Capital in the hopes of enticing a higher offer from the suitor – and potentially heightening the bidding war with rival CC Capital.