Ann: Non-binding indicative proposal to acquire Link Group, page-76

To your last point though there is more money in the market than ever (as opposed to pre covid). How a company specialising in the collection, management and reporting technology surrounding this space cant make money is beyond me but the prospect of a good "renovators dream" in this space is obviously an attractive one.

I'm of the opinion the Carlyle team are being very strategic here, not only have they seen inside the house but more importantly they know how management respond to offers, what they have said in response and will no doubt have a playbook they are ticking off the achievements as they happen.

They've realised that this business wont take a lot of tweaking to get it humming.. Deal with the senior leadership (through the takeover) and its off to the races.

They couldn't care less about a rejection of a second bid. Pride doesn't come into M&A... Potential to profit does...

GLTAH lets hope the "experts" on the LNK board can extract a small increase in the offer and get us out of here. I'd rather a full buy out than lumping me with PXA, doesnt interest me.