American Suitor Details Bid Price For AMP
If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.
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Amp Limited
AMP has a long history of helping our customers manage their finances and achieve their goals.
We were founded 170 years ago on a simple yet bold idea: that financial security enabled people to live with dignity. Our founding purpose was captured by the Latin motto: Amicus Certus In Re Incerta – A sure friend in uncertain times. This deep commitment to helping clients continues and is articulated in our purpose statement today – Realise human ambitions.
A leader in the Australian market, our reach now spans around the world, where we use our expertise to help clients in New Zealand, and across Asia, the Middle East, Europe, the United Kingdom and North America
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News
Private Equity Kickstarts Bidding War For Battered AMP
Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.
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AMP Remains Under Pressure – Shares Slide
Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.
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Ongoing Challenges: Moody’s Downbeat On AMP
AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).
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Under-Pressure AMP Eyes Breakup
The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.
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Analyst Views
AMP – Citi rates the stock as Neutral
Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.
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AMP – Macquarie rates the stock as Neutral
AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
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AMP – Macquarie rates the stock as Neutral
AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
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AMP – Citi rates the stock as Sell
Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn't changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
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AMP – Macquarie rates the stock as Neutral
The broker calls AMP's earnings result "fairly sound" with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
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