Ares takeover bid for AMP (ASX:AMP)

Company News

by Katrina Bullock

AMP (ASX:AMP) has confirmed that it received a takeover offer from Ares Management Corporation.

US-based Ares lobbed an indicative, non-binding, conditional proposal to acquire 100 per cent of the shares by way of scheme of arrangement.

AMP says the discussions are “at a very preliminary stage and there is no certainty that a transaction will eventuate.”

It plans to continue its portfolio review and says it ”has received significant interest in its assets and businesses”.

Shares in AMP (ASX:AMP) are trading 16.2 per cent higher at $1.49.