Australia’s AMP buyout offer from Ares Management valued at $4.5 billion

(Reuters) – Australian wealth manager AMP Ltd on Monday said a buyout offer from U.S.-based Ares Management Corp had an implied value of A$1.85 per share, valuing the proposal at A$6.36 billion ($4.47 billion).

The offer price represents a premium of 21% to AMP’s last closing price of A$1.53.

AMP first announced the receipt of the offer on Friday, saying discussions were still in early stages.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Daniel Wallis)