The Ares bid for AMP Limited is off but it is still interested in AMP Capital.
AMP Limited used its results announcement to the Australian Securities Exchange (ASX) today to reveal that Ares had informed AMP late last night that it did not intend to proceed with its bid for the company.
AMP said, however, that it continued to engage constructively with Ares regarding AMP Capital.
AMP’s announcement said its portfolio review had concluded that its transformation strategy for the Australian and New Zealand wealth management businesses was likely to be the optimal outcome for shareholders.
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Why would you pay up for polished turd?
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