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Australia Australia's AMP receives non-binding takeover offer from Ares Management

23:45  29 october  2020
23:45  29 october  2020 Source:   reuters.com

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Australia is the 7th largest advertising market worldwide, with a growing share of out-of-home advertising having now reached 6% of APN Outdoor would be complementary to JCDecaux` s existing out-of-home media assets in Australia , which are primarily in the street furniture segment.

(c) the central management and control of which is in Australia ; or. (ii) the individual is not in Australia but, immediately before the individual’ s most recent departure (c) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding ).

(Reuters) - AMP Ltd said on Friday U.S.-based Ares Management Corp had made a non-binding offer to buy the Australian wealth manager, adding that discussions were at an early stage.

a sign in front of a building: The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia © Reuters/David Gray The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia

The company did not disclose the offer value. (https://bit.ly/2TAPfGz)

Local media in Australia initially reported on the discussions, saying Ares had made an offer of over A$5 billion ($3.56 billion). AMP had a market value of A$4.40 billion as of Thursday.

Scandal-hit AMP sparked talks of a buyout or break-up after it put all its assets under review in early September.

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(c) the central management and control of which is in Australia ; or. (b) the participation by a person in the profits or central management and control of the business. (c) one had sent, or proposes to send, to the other an offer under a takeover bid (within the meaning of that Act) for securities held by

Australia . Government and institution measures in response to COVID-19. The Australian Taxation Office (ATO) announced an extension of the time available for businesses to pay their employees, and still be able to claim back the first JobKeeper payments.


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AMP said it has received "significant" interest for its assets and business and is evaluating options, including sticking with its three-year turnaround plan.

Ares declined Reuters request for comment.

AMP, which recently ceded its position as Australia's largest wealth manager to IOOF Holdings Ltd, has seen its profit plunge after a public inquiry into the country's financial sector exposed systemic wrongdoing at the company.

($1 = 1.4027 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Vinay Dwivedi)

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usr: 3
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