AMP has come up with a new offer to buy out Axa Asia Pacific Holdings’ (Axa APH) minority shareholding after the competition regulator blocked the National Australia Bank’s offer.

AMP wants to acquire all of Axa APH’s Australian business for $13.3 billion and then sell the Asian operations to the French parent Axa SA for $10.4 billion.

Axa SA owns 51% of Axa APH, but is precluded by legislation from bidding for a greater share.

AMP has already secured approval for the deal from the Australian Competition and Consumer Commission as well as the NZ Commerce Commission.

The new AMP offer is valued at $6.43 a share, depending on how its share price performs on the market.

Axa APH shareholders would receive 0.73 AMP shares plus a cash amount based on AMP’s daily volume weighted average share price for 10 trading days.

To receive the $6.43 a share, AMP’s share price has to trade within $4.50 and $5.60 for 10 days.

If the share price is higher than $5.60 a share, AMP says Axa APH shareholders will receive 50% of the “upside”, but if it falls below $4.50 the cash amount to shareholders would drop – but it is capped at $3.15 a share.

Axa APH shareholders would also receive this financial year’s final dividend capped at 9.25 cents, but if the deal does go ahead they would not be entitled to AMP’s final dividend.

The offer will now be scrutinised by Axa APH’s independent directors before making any recommendations to shareholders.