LONDON (AP) — Bailed-out US insurer AIG said yesterday it won't accept a lower offer for its Asian insurance business from Prudential, which proposed a $5 billion cut to calm rebellious shareholders who thought the price was too high.

London Stock Exchange-listed Prudential PLC initially agreed to pay $35.5 billion for AIA, the Asian insurance business of American International Group Inc. Faced with the growing possibility that it could not win 75 percent backing from shareholders, Prudential lowered the offer to $30.375 billion.

"After careful consideration, the company will adhere to the original terms of its previously announced agreement with Prudential," AIG said in a statement. "The company will not consider revisions to those terms."

"The board of Prudential is considering its position," the company said in a brief statement to the London Stock Exchange. "A further announcement will be made when appropriate."