Insignia Financial (IFL AU): Bain's A$4.00/Share NBIO. Needs More Gruel

• Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.

• The Offer, should it proceed, will be by way of a Scheme. Apart from IFL's shareholder approval, a firm bid requires FIRB signing off.

• IFL's board is weighing up the Offer's pros and cons. This probably requires a small bump.