Amvescap Inc. has rejected an unsolicited bid from CI Fund Management Inc. of Toronto for AIM Funds Management Inc., its Canadian operations.

The UK-based money management giant issued a news release Wednesday to “address the media speculation regarding the possible interest of CI in Amvescap’s Canadian operations and the consequent movement in Amvescap’s share price.” Its stock rose 18¢ Tuesday to close at $7.53 on the Toronto Stock Exchange.

In the statement, it confirms that it has received “an unsolicited indicative approach from CI” to acquire its Canadian operations. “The board of directors of Amvescap has considered this indicative approach and has unanimously concluded that it is not in the best interests of shareholders,” it says.

The firm adds that CI has also indicated that it might have an interest in attempting to acquire all of Amvescap, “though it has given no indication of any conditions or financing arrangements”.

The board of Amvescap says it doubts that CI has the ability to make a firm offer for Amvescap at a level that would be in the best interests of Amvescap’s shareholders.

Amvescap would indeed be a huge meal for CI. The Canadian firm claims fee-earning assets of about $68.3 billion, including mutual and segregated funds and structured product assets of $49.2 billion, and administered/other assets of $19.1 billion. By contrast, Amvescap’s funds under management totaled $375.4 billion at March 31.