Sunday, October 01, 2006
Prudential set for 770p-per-share bid – market reports
Prudential, the FTSE 100-listed insurance group, is reportedly set to receive a 770p-per-share offer from French rival AXA, the Financial Times said. The market report cited City chatter and said analysts believe such a tie-up to be logical.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail’s market report suggested a 725p – GBP 17.57bn (EUR 25.92bn) – cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential’s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail�s market report suggested a 725p � GBP 17.57bn (EUR 25.92bn) � cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential�s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted."
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail’s market report suggested a 725p – GBP 17.57bn (EUR 25.92bn) – cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential’s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail�s market report suggested a 725p � GBP 17.57bn (EUR 25.92bn) � cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential�s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted."
