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(Bloomberg) -- Insignia Financial Ltd. has called for binding takeover offers within the next two weeks from the private equity firms that have sought to take over the Australian pension manager.

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Investment firms CC Capital Partners and Bain Capital have been asked to submit the offers before the end of the month, having met with the company’s management in recent weeks, according to people familiar with the matter. The entry of late bidder Brookfield Asset Management’s UK entity into the contest hasn’t extended the timeline, the people said, asking not to be named as they weren’t authorized to speak publicly.

Representatives for Insignia, Bain, CC Capital and Brookfield declined to comment.

The three firms have each independently put forward preliminary take-private proposals of A$4.60 per share, valuing Insignia at about A$3.1 billion ($2 billion).

Insignia traces its roots back to 1846 with a business that now spans financial advice and the management of retirement savings. Chief Executive Officer Scott Hartley has said the firm is targeting affluent people in need of savings advice in Australia, home to a A$4 trillion pension industry that’s growing fast.

The deal marks a potential opportunity for an overseas private equity firm to cut costs and reduce debt at the Australian business.

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