AMP’s acquisition of AXA Australia has moved a step closer this week with the release of a memorandum from an independent expert that favours the proposal.
Independent investment advisory group, Grant Samuel, who has been charged with reviewing the AXA Asia Pacific Holdings Limited (AXA APH) and AMP Limited (AMP) merger proposal has found it to be ‘… fair and reasonable’.
AXA APH has released an Explanatory Memorandum, which includes the concise report on the proposal prepared by Grant Samuel.
… the value delivered to AXA APH minority shareholders is compelling
Grant Samuel has concluded that the value delivered to AXA APH minority shareholders is compelling and that, in the absence of a superior proposal, the proposal is fair and reasonable and in the best interests of minority shareholders.
The proposal remains subject to certain regulatory approvals and the approval of minority shareholders, scheduled to be held on 2 March, 2011. If the minority shareholders vote in favour of the recommendation, an implementation date of 30 March 2011 is being targeted .
