US asset manager makes bid for AMP

The wealth giant has revealed a US-based alternative investment manager has made an offer to acquire 100 per cent of its shares.

In a statement to the market on Friday, AMP confirmed that it had "received an indicative, non-binding, conditional proposal from Ares Management Corporation, a US-based company, to acquire 100 per cent of the shares in AMP Limited by way of scheme of arrangement".

"AMP notes discussions on the proposal are at a very preliminary stage and there is no certainty that a transaction will eventuate," the group said.

AMP said it continued to progress its portfolio review announced in September.

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"AMP has received significant interest in its assets and businesses and is assessing a range of options in a considered and holistic manner, including continuing to pursue its three year transformation strategy, with a focus on maximising shareholder value," the group said.

US asset manager makes bid for AMP
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