Ares Management offers USD 4.4bn for AMP

02 November 2020 - 12:00 am UTC

Australian financial services company AMP Ltd today said that a bid for the firm by US-based Ares Management suggests an implied value of AUD 1.85 per share, and a price tag of more than AUD 6.3bn (USD 4.4bn).

This is a premium to AMP’s share close of AUD 1.53 on Friday, when it surged 20% after a stock exchange filing by the ASX-listed company confirmed local media reports of Ares’ offer. The shares jumped a further 9.8% to AUD 1.68 today, while the benchmark S&P/ASK-200 added 0.4%.

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