Axa Asia Pacific’s board rejected an A$11bn ($10bn) offer from its French parent company to buy up the listed minorities in the Australian insurance group and carve the business up along with AMP, a domestic rival. The board said the offer failed to value Axa’s Asian operations fully.

The offer would involve Axa selling its 54% share of Axa AP to AMP for A$5.34 in cash, or A$6bn in total. AMP would then make an offer of cash and shares to minority shareholders of A$5.34, based on Thursday’s closing share price. Finally, AMP would sell the Asian assets of Axa Asia Pacific back to the French parent for an equity value of A$7.7bn.

Axa previously attempted to buy the minorities in its Asia-Pacific business in 2004 but its offer was rejected by the target’s board. The current offer is also conditional upon approval from Axa AP’s independent board members, as well as regulators in the regions where Axa AP does business.