Street Talk

Proxy giant CGI Glass Lewis endorses $3.3b Insignia takeover

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 24, 2026 – 2.58pm

CC Capital took its sweet time firming up a $3.3 billion bid for Insignia Financial, but now the New Yorker’s dealmakers are gleefully racing towards the finishing line.

Proxy adviser CGI Glass Lewis last week green-lit CC’s $4.80 per share bid for Insignia, lobbed back in July, recommending its institutional clients vote in favour of the deal at the scheme meeting on April 13. Glass Lewis can be an influential player in M&A and governance at listed companies, with recent high-profile cases involving its recommendation to vote down CSL’s remuneration reporting in October and Richard Goyder’s re-election as Woodside’s chair the year prior.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.