AXA SA (AXA) confirmed that the Independent Committee of AXA Asia Pacific holdings Ltd. or AXA APH's (AXA.AX) board of directors rejected the Joint Proposal on November 9, 2009 and, to date, has not been willing to engage in any discussions or clarifications with respect to the terms of the Joint Proposal.
AXA said that the Joint Proposal favorably values AXA APH and its future prospects, which explains the favorable market reaction to the Joint Proposal. Based on the closing price of AMP shares on 19th November, the value of the Proposal is AU$5.76 per AXA APH share, a 42.1 % premium to AXA APH share price on 5 November. At this stage, AXA and AMP have not withdrawn or otherwise modified their Joint Proposal which remains open and valid in all respects.
On 8 November 2009, French insurance group AXA SA (AXA) and Australian insurer AMP Ltd. (AMLTY.PK, AMP.AX) offered to acquire Australian asset manager AXA Asia Pacific holdings Ltd. or AXA APH (AXA.AX), in a cash and stock deal valued at about A$5.34 per share or A$11 billion. Meanwhile, AXA APH rejected the offer later saying the cash and stock deal is inadequate and is not in the best interests of its minority shareholders.
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