(Bloomberg) — Bain Capital sweetened its bid for Insignia Financial Ltd. as takeover activity heats up for the Australian wealth manager.

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The Boston-based private equity firm offered A$4.30 per share, Insignia said in an announcement Monday. That matched an earlier bid from CC Capital Partners and comes after Insignia rejected a lower offer last month from Bain.

Bain, in its revised offer, said it was open to discussing a transaction structure that will allow Insignia shareholders to receive a part of the deal as equity in the brand new entity.

Insignia shares advanced as much as 2.9% and traded at A$4.22 as of 10:06 a.m. in Sydney.

Overseas players are showing appetite in acquiring Australian money management firms, partly because of their exposure to one among the world’s fastest growing pension pools. Bain’s most up-to-date offer values Insignia at about A$2.9 billion ($1.8 billion).

Insignia’s board is considering each offers, the statement said.

(Adds Monday’s share price in fourth paragraph)

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