AXA Asia Pacific Holdings Limited or AXA APH said Sunday that early on November 7 it received an unsolicited and conditional scheme proposal from AMP Limited or AMP and AXA SA,(AXA) AXA APH's largest shareholder.
Under the proposal, AMP would acquire all of the shares in AXA APH, including those held by AXA SA, and the Asian operations of AXA APH would be sold to AXA SA. The part AMP share and part cash offer implied an offer price of A$5.34 per AXA APH share for the minority shareholders in AXA APH.
A committee of independent directors reviewed the proposal and advised AMP and AXA SA that it believes the proposal is inadequate and is not in the best interests of AXA APH's minority shareholders.
AXA APH Chairman, Mr Rick Allert, commented, " The non-financial terms of the proposal also imposed excessive uncertainty and risk on AXA APH's minority shareholders".
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