In this news, we discuss the Australia’s AMP buyout offer from Ares Management valued at $4.5 billion.
(Reuters) – Australian wealth manager AMP Ltd AMP.AX said on Monday that a takeover offer from US firm Ares Management Corp ARES.N had an implied value of A $ 1.85 per share, valuing the proposal at 6.36 billion Australian dollars (4.47 billion dollars).
The offering price represents a 21% premium over AMP’s last closing price of $ 1.53A.
AMP first announced receipt of the offer on Friday, saying talks were still in their infancy.
Report by Rashmi Ashok in Bengaluru; Editing by Daniel Wallis
Original © Thomson Reuters