Australian financial services provider AXA Asia Pacific Holdings (APH) has received a higher joint takeover offer worth $11.8 billion from its majority shareholder AXA SA and rival AMP.
The bid from the two entities comes more than a month after AXA APH rejected their joint offer, which valued the business at about $10 billion.
The Australian company has a good presence in Asia, and has operations in India through non-life insurer Bharti AXA Life.
In a statement today, AXA APH said the revised proposal represents a value of AUD 4.41 billion for its Australian and New Zealand businesses. The entity's Asian business is valued at AUD 9.63 billion.
The total offer is worth over AUD 13 billion (about $11.8 billion).
French insurance company AXA SA has over 50 per cent stake in AXA APH.
"The revised (takeover) proposal has increased the cash component of the proposal by 54 cents per share and leaves the scrip component unchanged. This implies an offer price of AUD 6.22 per AXA APH share," the statement noted.
AXA APH said its Independent Board Committee intends to "take the appropriate time to consider the revised proposal".
The revised joint offer from AXA SA and AMP would lapse on December 21.
