Home Financial News AXA’s proposal with AMP remains open and valid

AXA’s proposal with AMP remains open and valid

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French insurer AXA said on Thursday that there was no change for now to its offer made with partner AMP for AXA Asia Pacific Holdings, despite speculation the bid may be raised.

“At this stage, AXA and AMP have not withdrawn or otherwise modified their joint proposal which remains open and valid in all respects,” AXA said in a statement.

Earlier this month, AXA Asia Pacific rejected a cash and share offer from its parent company AXA SA and AMP worth roughly A$12 billion ($11.20 billion).

Under the bid, AMP agreed to sell AXA Asia Pacific’s Asian arm to its French parent for around A$7.7 billion, while AMP would keep AXA Asia Pacific’s Australian and New Zealand businesses.

However, AXA Asia Pacific’s shares have traded above the implied offer price since the proposal was unveiled on Nov. 9, suggesting that market participants are betting on a revised higher bid.