Insignia Financial set a deadline for binding takeover bids as Bain Capital, CC Capital Partners, and Brookfield Asset Management’s UK arm compete for control of the firm, according to a report by Yahoo Finance.

Sources familiar with the process confirm that final offers are due by the end of the month. The AUD3.1bn ($2bn) bidding war has intensified, with all three private equity firms submitting preliminary offers of AUD4.60 per share. Despite Brookfield’s late entry, Insignia has opted not to extend the deadline, indicating confidence in the timeline.

None of the involved parties—Insignia, Bain, CC Capital, or Brookfield—have publicly commented on the ongoing negotiations.

Founded in 1846, Insignia Financial has grown into a major player in Australia’s AUD4tn pension industry, offering financial advisory and retirement savings management services. The deal presents a significant opportunity for private equity firms looking to capitalise on Australia’s growing superannuation sector.