Ann: Non-binding indicative proposal to acquire Link Group, page-8

This is one of the more interesting takeover sagas I have seen to be honest. For starters, any competent board would at least get a 30% premium. Then the value for PEXA is volatile, so the premium being offered by Carlyle is volatile. Then there is no way Domain and REA let a huge stake of PEXA get into retail hands without a fight. Then you have KKR and PEP who were involved in prior bids in some capacity who are cashed up. Intriguing to say the least. Bidding war imminent but let's see how the board f***s shareholders from this winning position.