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AMP rejects $1.4b CommIF bid
Jul 20, 2021 – 11.16am
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The independent board representing AMP Capital’s funds management business has rejected any takeover of its $1.4 billion Community Infrastructure Fund and junked any further discussions with suitors Plenary Group, Morrison and Co, and Palisade Investment Partners.
Ming Long, chairman of AMP Capital’s independent board committee.
Steven Siewert
The decision by AMP Capital Funds Management’s independent board committee came despite heavily depleted ranks of investment staff, several of whom jumped ship to Plenary last month, and after AMP Capital slashed fees for investors to match rival proposals.
However, the battle for the fund is not over, say some investors, who have raised concerns about the arms-length independent process and still wish to see the matter put to a vote, which would require 5 per cent of non-AMP investors to call an extraordinary meeting.
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