<p>The bid tops an offer from Australian life insurer AMP Ltd, which had faced resistance from AXA Asia Pacific’s independent directors who were looking for a higher offer.<br />NAB’s move would consolidate its position as Australia’s top wealth manager, after its purchase of British insurer Aviva’s Australian operations earlier this year.<br /><br />NAB’s bid came as AXA Asia Pacific weighed a sweetened takeover bid from Australia’s AMP Ltd and French parent AXA SA, lobbed on Monday. That offer was worth $11.4 billion, or A$6.13 a share, based on AMP’s close on Wednesday.<br /><br />NAB said its proposal, conditional on support from AXA SA would involve NAB first making an offer for all of AXA Asia Pacific, worth $11.98 billion in cash, and then on-selling the firm’s Asian assets to AXA.<br /><br />The proposal deliver Axa Asia-Pacific shareholders either A$6.43 cash per share or an alternative offer of A$1.59 cash and 0.1745 of a NAB share.<br />Under AMP’s plan, AMP would also have bought the entire company and then on-sold the Asian assets to AXA SA.</p>
<p>The bid tops an offer from Australian life insurer AMP Ltd, which had faced resistance from AXA Asia Pacific’s independent directors who were looking for a higher offer.<br />NAB’s move would consolidate its position as Australia’s top wealth manager, after its purchase of British insurer Aviva’s Australian operations earlier this year.<br /><br />NAB’s bid came as AXA Asia Pacific weighed a sweetened takeover bid from Australia’s AMP Ltd and French parent AXA SA, lobbed on Monday. That offer was worth $11.4 billion, or A$6.13 a share, based on AMP’s close on Wednesday.<br /><br />NAB said its proposal, conditional on support from AXA SA would involve NAB first making an offer for all of AXA Asia Pacific, worth $11.98 billion in cash, and then on-selling the firm’s Asian assets to AXA.<br /><br />The proposal deliver Axa Asia-Pacific shareholders either A$6.43 cash per share or an alternative offer of A$1.59 cash and 0.1745 of a NAB share.<br />Under AMP’s plan, AMP would also have bought the entire company and then on-sold the Asian assets to AXA SA.</p>