Takeover bid for AMP



AMP Limited has received a takeover bid from a major US player.
The company has confirmed to the Australian Securities Exchange (ASX) that it has received an indicative non-binding conditional proposal from US-based Ares Management Corporation.
The ASX announcement said Ares was seeking to acquire 100% of the shares in AMP by way of a scheme of arrangement.
AMP said discussions with respect to the scheme were very preliminary and there was no certainty a transaction would eventuate.
It said that in the meantime, its Portfolio Review had received significant interest and a range of options was being discussed.
Ares is a significant private equity player in the US with one of its most recent transactions seeing it acquire SSG Capital Holdings and then launches Ares SSG, one of the largest credit-focused alternative investment managers in the Asia-Pacific
Recommended for you
State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.
Northern Trust Asset Management has appointed a new head of international and responsible investing.
More than 20 winners have been revealed for the annual Fund Manager of the Year Awards.
Regal Partners has announced its latest alternatives acquisition, taking a 50 per cent stake in real estate and advisory platform Ark Capital Partners ahead of a future hotel strategy launch.