AXA and NAB extend agreement
March 21, 2010
AXA Asia Pacific Holdings Limited (AXA) and National Australia Bank Limited (NAB) announced that they have extended an agreement related to the proposal by NAB to acquire 100% of AXA APH until 29 March 2010. AXA APH said the proposal includes the acquisition of AXA APH’s Australian and New Zealand businesses, and the divestment of AXA APH’s Asian businesses to AXA SA.
In separate statements the companies said the notes that the discussions to agree final transaction documents to implement the proposal between AXA APH, NAB and AXA SA are at an advanced stage.
The company added that the Independent Directors continue to unanimously recommend the proposal in the absence of a superior proposal and subject to the opinion of an independent expert.
The proposal remains subject to shareholder approval, and approval from Australian, Asian and New Zealand regulators, and other conditions.
At the close of trade Friday, AXA APH shares were trading at $6.29, while NAB shares were trading at $26.90.
In separate statements the companies said the notes that the discussions to agree final transaction documents to implement the proposal between AXA APH, NAB and AXA SA are at an advanced stage.
The company added that the Independent Directors continue to unanimously recommend the proposal in the absence of a superior proposal and subject to the opinion of an independent expert.
The proposal remains subject to shareholder approval, and approval from Australian, Asian and New Zealand regulators, and other conditions.
At the close of trade Friday, AXA APH shares were trading at $6.29, while NAB shares were trading at $26.90.
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