Axa Asia-Pacific Holdings (Axa APH) said it has received an unsolicited and conditional takeover proposal from rival AMP.
Under the proposal, AMP would acquire all of the shares in Axa APH including those held by French parent Axa SA, and the Asian operations of Axa APH would be sold to Axa SA.
The part AMP share and part cash offer implies an offer price of $5.34 per Axa APH share for minority shareholders in Axa APH.
Axa APH said it has rejected the scheme proposal from AMP and Axa SA, saying the offer significantly undervalued the company.
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