UPDATE: AXA SA Sticking To AXA Asia Pacific Offer Terms

French insurer AXA SA (AXA) Thursday said it is holding firm for the time being on the terms of its A$12 billion joint takeover bid with Australian wealth manager AMP Ltd. (AMP.AU) for AXA Asia Pacific Holdings Ltd. (AXA.AU).

"At this stage, AXA and AMP haven't withdrawn or otherwise modified their joint proposal, which remains open and valid in all respects," AXA said.

The comments continue a sequence of public posturing by the two sides as the stand off over the takeover offer drags on.

Paris-based AXA SA, which has a 54% stake in the target, and AMP said on Nov. 9 they were joining forces for an offer that valued AXA Asia Pacific at A$5.34 a share, based on the previous trading day's closing share price. AXA Asia Pacific's board of directors rejected the bid almost immediately, saying it was too low.

AMP shares have risen since the proposal was made, making the offer more valuable. But AXA Asia Pacific's independent board of directors stepped up its defensive efforts Wednesday in a presentation to investors. The approval of the board, along with that of a portion of minority shareholders, is necessary for any deal.

In Sydney, Chairman Rick Allert and Chief Executive Andrew Penn detailed their argument that the cash-and-shares offer undervalues the company, particularly in light of its exposure to fast growing Asian markets.

AXA SA Thursday suggested it was unimpressed by the move. "This presentation did not disclose any new material information that was not already in the public domain" and included in the joint offer with AMP, AXA SA said in its statement.

The French insurer acknowledged, though, that AXA Asia Pacific is showing little sign of budging on a deal.

AXA Asia Pacific's board "hasn't been willing to engage in any discussions or clarifications with respect to the terms of the joint proposal," AXA SA said Thursday.

Perpetuating the back-and-forth exchange between the two sides, the independent directors of AXA Asia Pacific issued a response to the statement from AXA SA. "Since the announcement of the rejection on Nov. 9, no further proposals have been received" a spokeswoman for the AXA Asia Pacific directors said.

AXA SA said on Nov. 9 that it had some margin to sweeten its offer, but not much.

AXA Asia Pacific's shares closed Thursday in Sydney up 0.5%, or A$0.03, at A$5.95.

At 0820 GMT, AXA SA's shares were down 0.7%, or EUR0.12, at EUR17.11, slightly underperforming France's benchmark CAC-40 index.

AXA SA said it had made the statement Thursday as part of the undertakings related to the EUR2 billion capital increase it announced Nov. 9 to fund the AXA Asia Pacific deal and other possible acquisitions.

-By Jethro Mullen, Dow Jones Newswires; 33 1 4017 1738; jethro.mullen@dowjones.com

(Iain McDonald in Sydney and William Horobin in Paris contributed to this report.)

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