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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))
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(Adds context, forecast) July 11 (Reuters) - Australia's Link...
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Last
$14.50 |
Change
-0.290(1.96%) |
Mkt cap ! $2.572B |
Open | High | Low | Value | Volume |
$14.68 | $14.73 | $14.45 | $4.830M | 332.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 187 | $14.48 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$14.50 | 600 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 187 | 14.480 |
2 | 1498 | 14.450 |
1 | 1513 | 14.440 |
1 | 2184 | 14.430 |
1 | 1513 | 14.420 |
Price($) | Vol. | No. |
---|---|---|
14.500 | 600 | 1 |
14.540 | 3011 | 3 |
14.550 | 1513 | 1 |
14.570 | 3697 | 2 |
14.590 | 1513 | 1 |
Last trade - 16.10pm 02/10/2024 (20 minute delay) ? |
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