AMP, AXA SA boost takeover offer for AXA Asia Pacific by 54 Aust cents

Monday 14th December 2009

AMP Ltd, Australia’s biggest provider of pension plans, and AXA SA have boosted their offer to buy AXA Asia Pacific Holdings for cash and stock amounting to A$6.22 a share.

AXA Asia Pacific shareholders will get 0.6896 AMP shares and A$1.92 a share under the proposal which values the company at about A$14 billion.

If the deal goes ahead, AMP will acquire AXA SA’s shares under a sale agreement and divest the Asian operations to the target’s French parent company. Shares in AXA were halted on the Australian stock exchange at A$5.82, giving the offer a premium of 6.9%.

"The independent board committee will take the appropriate time to carefully consider the revised proposal and we will update our shareholders and the market when this assessment has been completed,” said AXA Asia Pacific chair Rick Allert in a statement.

AXA Asia Pacific knocked back an offer from AMP and AXA SA last month for an equivalent of A$5.34 a share in cash and stock, which valued the company at about A$11 billion. Shares in AMP were halted on the NZX after they gained 0.9% to $7.90, and were at A$6.23 on the ASX.

Businesswire.co.nz

Comments from our readers

No comments yet