Axa Asia Pacific, the Australian-listed asset manager, on Monday rejected an A$11bn ($10.2bn) takeover bid from Australia’s AMP, saying on Monday the cash and shares proposal undervalued its business. AMP’s bid has the backing of French insurer Axa, which owns 53.9% of the Australian unit. Following the planned takeover, AMP would retain AAP’s Australian and New Zealand operations, and sell the Asian operations to the French group for A$7.7bn. AAP’s shares surged 31% on Monday afternoon to A$5.62.

This entry was posted by Gwen Robinson on Monday, November 9th, 2009 at 4:58 and is filed under Capital markets, M&A. Tagged with AMP, Axa Asia Pacific. Edit this entry.