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Wealth management firms AMP and AXA SA have upped their joint offer for AXA Asia Pacific Holdings (AXA AP).
The new offer reflects a 16% rise on the November 6 offer, equating to $AU6.22 a share, and is a 53% premium on AXA AP's closing price on November 5.
If the offer was successful it would see AMP acquire AXA AP's Australian and New Zealand businesses and AXA AP's French parent AXA SA acquire 100% of AXA AP's Asian businesses.
AMP says the offer is final.
"The revised proposal addresses the significant matters raised by the independent directors in their rejection of the original proposal and we urge them to recommend this substantially improved offer to minority shareholders," AMP chairman Mason.
AXA AP says it is yet to make a decision on the offer.
It rejected the previous bid on November 9 saying it was too low.
"Last time around the bid was flat out rejected as soon as it was made by the independent directors. This time they're going to take their time to think about thing," says Craigs Investment Partners analyst Robert Garden.
Garden says there is a chance the new bid may get the green light.
