Takeover bid for AMP
AMP Limited has received a takeover bid from a major US player.
The company has confirmed to the Australian Securities Exchange (ASX) that it has received an indicative non-binding conditional proposal from US-based Ares Management Corporation.
The ASX announcement said Ares was seeking to acquire 100% of the shares in AMP by way of a scheme of arrangement.
AMP said discussions with respect to the scheme were very preliminary and there was no certainty a transaction would eventuate.
It said that in the meantime, its Portfolio Review had received significant interest and a range of options was being discussed.
Ares is a significant private equity player in the US with one of its most recent transactions seeing it acquire SSG Capital Holdings and then launches Ares SSG, one of the largest credit-focused alternative investment managers in the Asia-Pacific
Recommended for you
Magellan Financial Group has terminated three funds in its Core Series, including a sustainable fund and ESG fund, having determined they are “unlikely to achieve the necessary scale”.
Pacific Current Group has used its AGM to detail its long-term growth plans after a period of multiple divestments and the progress of plans for a share buyback.
Money Management and principal partner, Mortgage Choice, are proud to announce 30 winners for the annual Women in Finance Awards 2024.
Pitcher Partners has urged caution about the use of private credit funds, despite a widespread push by fund managers on the benefits of the products.
