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AMP, AXA raise bid for AXA Asia-Pacific

AMP, AXA raise bid for AXA Asia-Pacific

Insurance providers AMP (ASX:AMP) and AXA have boosted their bid for AXA Asia Pacific (ASX:AXA) by 16% to $6.22 per share.

Under the new proposal, AMP will buy AXA APH for $6.9 billion, and then sell AXA’s operations outside of Australia to AXA for $9.1 billion.

The offer represents a 53% premium over the company’s closing trading price before the companies submitted their initial bid. Around 30% of the payment price will be in cash, fixed in Australian dollars.

Due diligence on the proposal should be completed by December 21, AXA Asa-Pacific said, and then the deal will require shareholder and regulatory approval.

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Tags ampAXA Asia PacificMergers and acquisitionsAXA

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