Takeover bid for AMP

amp Ares

30 October 2020
| By Mike |
image
image
expand image

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

Read more about:

AUTHOR

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

JOHN GILLIES

tHOSE 989 WHO ARE CEASED WILL GO ON TO LIVE A LONG AND HEALTHY LIFE JG...

9 hours ago
Chris Cornish

What a sticth-up. Looks like Labor Senator Jess Walsh follows Stephen Jones who follows what the industry super funds ...

6 hours ago
Peter Swan

This report is a blatant display of far-left factional partisanship, treating superannuation funds as state property and...

6 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks 1 day ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week 1 day ago

The corporate regulator has made a suspension and a cancellation of the AFSL of two Queensland-based firms. ...

1 week 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND