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
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