NATIONAL Australia Bank and AXA Asia Pacific Holdings have agreed to extend the deadline for finalising transaction documents relating to the bank's $13.3 billion takeover bid for the fund manager and life insurer.
AXA APH and NAB had hoped to finalise a deal by last Saturday but have put back the deadline to next Monday.
''The discussions to agree final transaction documents to implement the proposal between AXA APH, NAB and AXA SA are at an advanced stage,'' NAB said in a statement yesterday. ''The proposal is subject to shareholder approval and approval from Australian, Asian and New Zealand regulators, and other conditions.''
AXA SA in France holds 54 per cent of AXA APH.
AXA APH also said in a statement that talks to agree upon final transaction documents were at an advanced stage and that independent directors of AXA APH ''continue to unanimously recommend the [NAB] proposal in the absence of a superior proposal and subject to the opinion of an independent expert''.
AXA APH's independent directors have backed NAB's $13.2 billion offer for the company, which trumped a rival bid from insurance giant AMP.
However, AMP said in February that it had not yet given up on its bid for AXA APH.
AXA APH shares were 2¢ higher at $6.31 yesterday.
NAB shares were 5¢ lower at $26.85. AMP shares were 3¢ lower at $6.28.
AAP
