National Australia Bank Ltd
(ASX:NAB) has agreed to extend the terms deed for its bid to acquire AXA Asia Pacific until next Monday.
The bank says talks to agree to final transaction documents to implement the proposal between AXA Asia Pacific Holdings, NAB and AXA SA have reached an advanced stage.
The proposal is subject to shareholder and regulator approval, among other conditions.
Early this month, the ACCC delayed a decision on two competing bids for AXA Asia Pacific.
It was due to decide by March 17 whether to allow the separate bids by NAB and AMP, but has now declared decisions on the AMP and NAB bids will not be made until April.
AXA Asia Pacific’s independent directors have backed NAB’s $13.2 billion offer for the company.
For the 12 months to September 30, 2009, NAB booked a profit of $2.589 billion.
