Shares fall to A$1.37 vs Ares withdrawn offer of A$1.85 Review of wealth management and banking unit ends ‘Most prized’ asset AMP Capital still under review, Ares engaged Investors will be concerned if only most valuable asset sold-UBS (Adds shareholder comment in 6th paragraph)
SYDNEY, Feb 11 (Reuters) - AMP Ltd revealed on Thursday that U.S.-based suitor Ares Management had dropped its A$6.36 billion ($4.91 billion) takeover offer, sending the Australian wealth manager’s shares plunging more than 10%.
The decision by Ares to walk away was another major setback for scandal-hit AMP, which also reported a 32% fall in annual profits on Thursday due to heavy cash outflow from its core wealth management business.
(Recasts and adds CEO comment on briefing call)
SYDNEY, Feb 1 (Reuters) - Australia’s Link Administration Holdings Ltd on Monday said it would prioritise a trade sale for its coveted stake in online conveyancing firm PEXA within months, instead of a demerger as it looks to capitalise on a property market rebound.
The strength of the housing market had influenced the decision to sell the stake outright instead of distributing PEXA shares to Link investors, the company said, even though it would mean paying capital gain taxes of about 30% on a deal.
Late last year, attracted by its 44.2% stake in PEXA - the dominant digital property transfer business in real-estate-obsessed Australia - at least two groups tabled unsuccessful bids for Sydney-based shareholder registry firm Link.