Tuesday, November 29, 2022

Australia’s AMP buyout offer from Ares Management valued at $4.5 billion By Reuters


© Reuters. FILE PHOTO: The logo of Australia’s biggest wealth manager, AMP Ltd, adorns their head office building in Sydney, Australia

(Reuters) – Australian wealth manager AMP Ltd (AX:) on Monday said a buyout offer from U.S.-based Ares Management Corp (N:) had an implied value of A$1.85 per share, valuing the proposal at A$6.36 billion ($4.47 billion).

The offer price represents a premium of 21% to AMP’s last closing price of A$1.53.

AMP first announced the receipt of the offer on Friday, saying discussions were still in early stages.

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