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AXA Asia Pacific Holdings Says Open To New Bid From Jilted Suitor AMP
AXA Asia Pacific Holdings (APH), the target of an intense takeover battle between Australian banking major NAB and wealth manager AMP now says it is amenable to a new bid from jilted suitor AMP, which it would consider on its merits.
Last week, the Australian wealth manager said it had the flexibility needed to table a new bid for APH, but has yet to commit to a higher valuation than it has already put on the table.
Currently AMP values APH at $12.86 billion.
Rick Allert, chairman of APH, whilst speaking at the company’s annual general meeting on Tuesday said that any revised bid would be considered along normal lines.
“In the event that any new proposal is received from AMP, or anyone else for that matter, your independent directors will consider it on its merits subject to any legal restrictions under the current agreement with NAB and AXA SA,” Mr Allert told shareholders.
AMP’s rival for the acquisition of APH, NAB, had its higher valuation endorsed by APH’s independent board of directors, but was later rejected by the Australian Competition and Consumer Commission (ACCC) on the grounds it lessened competition grounds.
NAB says it is now considering all its options.
Mr. Allert added that he could not advise what the outcome would be, and it depended on the discussions and actions of the potential acquirers and regulators.
APH chief executive Andy Penn continued to make the point that the takeover battle had not become a distraction for the company.
“Our teams in Australia and New Zealand have been very focused on business as usual,” Mr. Penn told the meeting.
APH says it is optimistic about its future prospects, particularly due to the strength of the Asian economies, but added a note of caution, warning that economic and regulatory uncertainty continue to remain an issue.
“The outlook is very positive, however, the climate has changed in the wake of the global financial crisis and demand for regulatory change to address the perceived failings of the system has inevitably increased.” Mr. Penn said.
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