AXA accepts NAB's offer

NAB will offer investors either A$6.43 a share in cash, or a combination of cash and stock worth A$6.50 a share, a premium of 3.7% or 4.5% over the AMP offer worth $6.22 respectively.

The cash and stock option is made up of A$1.59 in cash and 0.1745 shares in NAB for every AXA AP share.  

The deal values the Australian and New Zealand businesses at A$4.6 billion, and the merger would see NAB hold more than A$144.3 billion in funds under management through its AXA and MLC units. NAB would divest the company's Asian operations to AXA SA in much the same way as the AMP deal.  

"The proposed merger of our wealth business and AXA Australia and New Zealand would combine two successful and highly complementary businesses, and will achieve attractive scale benefits in the Australian superannuation, retirement income and insurance markets," said NAB chief executive Cameron Clyne in a statement.