- AMP (AMP) has told its shareholders it has received a proposal from U.S.-based Ares Management Corporation to acquire all AMP shares
- The company said discussions on the indicative, non-binding, conditional proposal are in the preliminary stage
- Meanwhile, the company is continuing to review its portfolio and said some of its assets and businesses have generated significant interest
- Shares last traded for $1.28
AMP (AMP) has told its shareholders it has received a proposal from U.S.-based Ares Management Corporation to acquire all AMP shares.
The indicative, non-binding, conditional proposal for the acquisition is by way of a scheme of arrangement.
The company said discussions are still in the early stages and, as such, there is no certainty that it will result in a transaction.
In early September, the company announced it would embark on a portfolio review, assessing the group’s assets and businesses.
At the time, the company said it has received an increase in unsolicited offers on its assets and businesses and therefore decided to evaluate the merits and disadvantages of any divestment.
Should the review conclude the company’s current three-year transformation strategy, including a repivot to private markets, will deliver maximum value to shareholders, AMP affirms it will not pursue any transactions.
In today’s announcement, the company said it is continuing the review.
Shares last traded for $1.28.