AMP received a failed takeover offer from US firm ARES Management back in late 2020, at the time the non-binding agreement was at an implied value of $1.85 with history telling us they should have tried to take the money that week! Less than 6 months later ARES pulled their generous bid and unfortunately, the rest is history. AMP has since consolidated its diversified financial business but we see value finally emerging after years of issues.
- We believe that AMP could now be on people’s radar but they would need to be prepared to clean the decks even further with what’s left of this household name.