AMP’s US suitor Ares has shown its cards to the market, lobbing a $6.4 billion bid for the ailing wealth giant, an offer that analysts say could be hard to top.
The conditional $1.85 per share offer from the Los Angeles-headquartered firm comes almost two months after AMP put parts of the company up for sale. It’s above analyst expectations and has been welcomed by the market.
AMP shares, which jumped almost 20 per cent on Friday when Ares’ offer was first made public, gained more ground on Monday, closing the session 9.8 per cent higher at $1.68.
Atlas Funds Management chief investment officer Hugh Dive, who does not own shares in AMP, said other offers would have to come from offshore, which was unlikely.