Axa Asia Pacific spurns buy-out offer

The board of AXA Asia Pacific Holdings decided against recommending the revised $4.05 a share bid from Axa’s French parent to take 100 per cent ownership of the group’s local business. The last minute increase offered by Axa was not enough to persuade the Axa Asia Pacific board that the offer was in the best interests of shareholders. Axa Asia Pacific’s advisers concluded that the business had “excellent prospects in its core markets of Australasia and Hong Kong as well as its growth opportunities elsewhere in Asia”. Takeover valuations suggested by investment banks ranged from about $4.30 to $4.81.