News: PXA UPDATE 1-Australia's Link says it can't recommend Dye & Durham's revised $1.6 bln offer

(Adds context, forecast)

July 11 (Reuters) - Australia's Link Administration Holdings Ltd (LNK) on Monday said it was unable to recommend Canadian software firm Dye & Durham Ltd's DND.TO revised takeover bid of A$4.57 per share, but will continue to engage with it to obtain a better offer.

The rejection comes just days after Link said it would consider the revised bid, which values it at A$2.34 billion ($1.60 billion).

The latest bid was upped from Dye & Durham's (D&D) prior offer of A$4.30 apiece, which was itself slashed by nearly a quarter from the original proposal of A$5.50 per share made in December.

D&D cut the initial offer late last month citing reduction in market valuation of the share registry firm as well as of the electronic conveyancing firm PEXA Group Ltd (PXA) , in which Link owns about 43%.

For nearly two years, Link's stake in PEXA has attracted multiple buyout offers from global investment firms Carlyle Group Inc CG.O and KKR & Co Inc KKR.N , as well as a failed bid by a consortium that included Carlyle.

Shares of Link and PEXA are down 16% and 9.4%, respectively, since the first offer by D&D was made on Dec. 22.

Link is also awaiting D&D's undertaking to the Australian competition regulator to satisfy its concerns regarding impact to competition if the deal were to go through, it said.

Separately, Link said https://bit.ly/3nUed2M its preliminary fiscal 2022 revenue came in at A$1.18 billion, higher than last year's A$1.16 billion. It expects a low single-digit percentage growth in fiscal 2023 revenue, it said.

($1 = 1.4594 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))