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.

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

The proposal compares with a prior offer of A$4.30 per share, made by CC Capital and matched by Bain earlier this week.

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,

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 on Friday revealed CC Capital had increased its initial cash offer by 30¢ a share to $4.60, putting another $200 million on the table for shareholders.

CC Capital Partners raised its offer for Insignia Financial Ltd. to about A$3.1 billion ($1.9 billion) as a bidding war ramps up between private equity players wanting to buy the Australian money management firm.

Australia's Insignia Financial said on Monday that private equity firm Bain Capital has sweetened its bid for the 178-year-old wealth manager, now valuing it at A$2.87 billion ($1.76 billion), matching CC Capital's bid as the bidding war heats up between the two suitors.

According to Morningstar, the new “fair value estimate” for Insignia is $3.95 per share, up from its previous number of $3.60, which Ler said reflected an “equal-weighted probability of Insignia being acquired by CC Capital or staying stand-alone”.