Ares lobs in A$6.36b bid for AMP

Mon, 02 Nov 2020

US private equity firm Ares Management Corp is offering A$1.85 a share, or A$6.36 billion, to buy trans-Tasman financial services firm AMP. The initial bid is a premium to the A$1.53 the ASX-listed shares closed at on Friday, having jumped from A$1.28 when the indicative bid was confirmed that day. The dual-listed shares closed at $1.63 on the NZX on Friday, and rose 8 percent to $1.76 - close to a four-month high - when trading opened today. Ares said any deal would be subject to due diligence and weighing up the sale of some as...

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