Add details, background
October 5 (Reuters) – Link Administration Holdings Ltd in Australia LNK.AX said on Wednesday it had received an offer of 1.27 billion Australian dollars ($825.37 million) from Canadian company Dye & Durham (D&D) DND.TO for the corporate markets and corporate banking segments days after D&D’s bid failed for the entire company.
D&D’s bid for the company’s stock registry units comes just days after the legal software maker’s proposed acquisition of Link for $1.63 billion tear down due to regulatory headwinds and global market volatility.
Link said it received an offer of A$1.1 billion on October 2 for the corporate markets segments and parts of the banking and credit management business. The offer follows D&D’s first proposal last week to acquire the company’s enterprise markets business for A$950 million.
The share registry company said it would consider the A$1.27 billion offer.
Link’s corporate market arm offers services such as share register, employee stock ownership plans and investor relations. It is also the second most revenue-generating segment of the business.
The unit accounted for 31% of Link’s revenue in the 2022 financial year with UK-based media company ITV ITV.L and Australian gaming company Tabcorp TAH.AX as its clientele, according to its annual report.
($1 = 1.5387 Australian dollars)
(Reporting by Tejaswi Marthi and Roushni Nair in Bengaluru; Editing by Krishna Chandra Eluri)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.