AMP has made a new bid for Axa Asia Pacific (Axa AP) of at least $6.43 per share under a new scheme of arrangement.
The offer is higher than AMP's previous bid at the end of 2009, which valued Axa AP at about $6.22 a share, based on the share price of AMP at the time.
The directors of Axa AP have said they will consider the proposal.
The bid is for 100 per cent of Axa AP, but includes the divestment of the Asian business to Axa AP's French parent Axa SA.
The AMP bid consists of cash and shares. AMP is offering 0.73 AMP shares and a variable cash amount based on AMP's daily volume weighted average share price over a period of 10 days.
Under the 2009 proposal, the offer consisted of 0.6896 AMP shares for each Axa AP share and a fixed cash component of $1.92.
