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,

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.

Earlier this month, CC Capital Partners had upped the ante with a rival bid, seeking to gain a foothold in Australia's lucrative A$4.1 trillion superannuation system, a prize that has driven the intense bidding competition between the two suitors.

Insignia Financial has joined the likes of Medibank, REA Group and Telstra in giving employees the option of working on public holidays such as Australia Day.

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

By Rajasik Mukherjee (Reuters) -Shares of Australia's Insignia Financial hit a more than three-year high on Monday as a bidding war escalated, with private equity firm Bain Capital raising its offer to A$2.