Despite its 22-year history on the ASX, the best day ever for the AMP Ltd (ASX: AMP) share price wasn't that long ago.
In October 2020, AMP set a new record when its shares gained a whopping 19.53% in a single session.
After finishing the previous session at $1.28, the AMP share price closed 30 October's session at a hefty $1.53.
For comparison, the company's second-best day on the ASX saw its share price boosted 11% higher.
So, what spurred the record gain that day in the diversified financial services company's shares? Let's take a look.
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AMP's best day on the ASX
The best day ever for the AMP share price was brought about by a takeover offer.
On the morning of 30 October 2020, AMP announced it has received an indicative, non-binding takeover offer from US-based Ares Management Corporation (NYSE: ARES).
Ares had proposed to purchase all of AMP's shares in a scheme of arrangement.
While the news evidently excited the market, the company did note it was considering the offer alongside many other possibilities for the business's future.
At the time, The Motley Fool Australia reported on rumours that Ares was offering to pay $1.85 per share, valuing AMP at $6.3 billion. A few days later AMP confirmed the rumours were true.
Unfortunately for excited shareholders, the takeover offer fizzled out.
Hopes may have been pricked again when the two companies planned to enter a joint venture in February 2021. The AMP share price gained 7% when it was announced the company was in talks with Ares once more. Unfortunately, that discussion also fizzled out.
Perhaps a partnership between Ares and AMP was simply not meant to be.
AMP share price snapshot
Since its best day on the ASX, the AMP share price has fallen 33%. It has also fallen 27% since the start of 2021.
Right now, a share in AMP will set an investor back $1.13 as at the market close on Friday.
