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AMP makes new bid for AXA APH assets

AMP makes new bid for AXA APH assets

AMP (ASX:AMP) has made a new bid for AXA Asia-Pacific's (ASX:AXA) Australian and New Zealand operations.

The revised offer, for at least $6.43 per share, values the whole of AXA Asia-Pacific at $13.3 billion.

The proposal would see AMP acquire 100% of AXA Asia-Pacific, fold the Australian and New Zealand assets into its operations, and then sell off the remaining Asian business back to parent company AXA.

Based on AMP's 10-day weighted average share price, the value of the Australia and New Zealand assets of AXA APH would be $4.15 billion.

The purchase price will vary based on AMP's share price at the time of the transaction, but has been set up so that AXA Asia-Pacific investors receive at least $6.43 in value for their shares.

Shareholders would also be entitled to AXA Asia-Pacific's final 2010 dividend of up to 9.25 cents per share.

In a statement, AXA Asia-Pacific said its independent directors were still evaluating the proposal, and would issue guidance after this process is complete.

If AXA endorses the proposal, it will be taken to shareholders by the end of the first quarter of 2011, AMP said.

AMP initially made a tilt for the assets last year, but was beaten by a higher bid from NAB (ASX:NAB).

But the NAB offer was terminated in September, after the ACCC decided to oppose even a version of the deal that had been revised to meet the regulator's concerns.

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Tags ASX:AMPacccASX:NABampAXA Asia PacificNABMergers and acquisitionsASX:AXA

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