Deals
AMP Says Ares Offer Values Wealth Manager at $4.5 Billion
- Disclosure of offer price may now flush out other bids
- Australian firm has been plagued by scandal, misconduct
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Australian wealth manager AMP Ltd. said a preliminary takeover approach from U.S. private equity firm Ares Management Corp. values the company at A$6.4 billion ($4.5 billion.)
The proposal has an implied value of A$1.85 per AMP share, the Sydney-based company said in a statement Monday. The shares closed 9.8% higher at A$1.68 in Sydney, adding to a 20% surge Friday when the talks were first disclosed.