Ares AMP bid valued at $1.85 per share
AMP Limited has confirmed that the takeover bid initiated by US-based private equity player, Ares is valued at $1.85 per share.
In a release to the Australian Securities Exchange (ASX) today, AMP provided a Form 8-K Current Report filed by Ares with the US Securities and Exchange Commission.
“Ares’ proposal is at an implied value of $1.85 per AMP share,” it said.
“AMP emphasises that the preliminary nature of the proposal and discussions between itself and Ares, and the that there is no guarantee that a transaction will eventuate and no certainty with regards to price.”
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
