I'm not sure. The article says Ares is making a bid for the whole of AMP, and the price is well north of $5 billion (apologies, in the last post I said $5 billion, but the body of the article says "well north" of $5 billion.
Dues diligence is underway.California-based private equity and credit investment giant Ares Management is in talks to buy Australian wealth manager AMP Ltd.
It is understood Ares made an indicative offer to acquire AMP Ltd in full in recent weeks, and has been given access to a data room and due diligence materials to firm up its bid.
The offer is understood to value AMP well north of $5 billion, not including debt, and would be the first big Australian play for Ares, which is run locally by former Credit Suisse Australia chief executive and senior investment banker John Knox.
Sources said Ares had tapped Morgan Stanley for help with the due diligence, while new AMP chairman Debra Hazelton and her board were keen to explore the potential takeover and were represented by Credit Suisse and Goldman Sachs.
US Buyer For AMP, page-3
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