AMP, AXA SA raise offer for AXA APH
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AAP
2009-11-12
AMP Ltd and Paris-based AXA SA said the implied offer price of their $11 billion tilt for AXA Asia Pacific Holdings Ltd (AXA) has now increased to $5.68 per share.
AXA SA owns 53.93 per cent of AXA APH and together with AMP put a cash and share merger proposal to AXA APH's board last Saturday which values AXA APH shares at $5.34 each.
On Thursday AMP and AXA SA responded to a letter from AXA APH's chairman Richard Allert to AXA APH shareholders over the proposed acquisition.
In the letter Mr Allert referred shareholders to the cash and scrip offer price of $5.34 which was based on the closing price of AMP shares on November 5.
"Based on AMP's closing share price today of $6.35, AXA APH shareholders should be aware that AMPs implied offer price is $5.68 per share," AMP and AXA SA said in a statement on Thursday.
AXA APH's shares closed one cent higher at $5.70 on Thursday.
