A row has broken out between a disgruntled US asset management group and the board of one of its investments, US life insurer MONY Group, over a $1.5bn (€1.2bn) recommended takeover bid by French insurance group Axa Financial.

Southeastern Asset Management, said in a statement it considers the $31-a-share offer by Axa for MONY to be too low. The minority shareholder, owning 4.7% of MONY, urged other shareholders to join it in its bid to scupper the sale.