(Reuters) -Australia's Insignia Financial said on Wednesday that Bain Capital has pulled its buyout offer due to volatile financial markets, but the money manager added it was still in talks with another suitor, investment manager CC Capital.

Private equity firm Bain's proposal valued Insignia at A$3.34 billion ($2.2 billion), the same as a bid from CC Capital, which is a family office set up by former top Blackstone dealmaker Chinh Chu.

A third suitor, Brookfield Asset Management, had previously walked away from making a bid, according to media reports.

Insignia's shares sank 15.8% to end the day at A$3.37, below the A$5-per-share identical offer from Bain and CC Capital.

Here is a timeline of events:

Dec. 12, 2024

Bain Capital was in advanced stages of making a takeover offer for Insignia, the Australian Financial Review reports.

Dec. 13, 2024

Insignia says Bain made a non-binding all-cash takeover proposal, valuing the company at A$2.67 billion.

Dec. 18, 2024

Insignia rejects Bain's bid, saying the offer does not provide fair value to its shareholders.

Jan. 6, 2025

Insignia receives an A$2.87 billion takeover offer from CC Capital Partners, topping Bain's bid.

Jan. 10, 2025

Insignia says it has not received an offer from Brookfield, responding to media reports of a bid from the buyout giant.

Jan. 13, 2025

Bain raises its offer to match CC Capital's proposal of A$2.87 billion.

Jan. 17, 2025

CC Capital sweetens its offer to A$3.07 billion.

Jan. 20, 2025

Insignia gives CC Capital access to exclusive information to help it determine whether it can improve its proposal.

Jan. 23, 2025

Bain matches CC Capital's offer.

Feb. 5, 2025

Brookfield offers A$3.07 billion to buy Insignia, potentially sparking a three-way bidding war.

March 7, 2025

Bain Capital and CC Capital both raise their bids to A$3.34 billion each. Media reports say Brookfield walks away.

April 17, 2025

Insignia gives Bain and CC Capital four more weeks to consider their proposals.

May 14, 2025

Bain Capital pulls out of the bidding process, citing the turbulent global markets. ($1 = 1.6013 Australian dollars)

(Reporting by Rishav Chatterjee & Sherin Sunny in Bengaluru; Editing by Mrigank Dhaniwala and Savio D'Souza)