Link Group Updated On Non-binding Indicative Proposal

Link Administration Holdings Limited (ASX: LNK) (Link Group), Australian provider of technology-enabled administration solutions, today updated on non-binding indicative proposal from the affiliates-Consortium (Revised Proposal). 

According to the announcement, which was authorised by the Link Group Board, Link Group confirmed that it has received a revised offer after dismissing an acquisition bid by Pacific Equity Partners, Carlyle Group and their affiliates (Consortium).

The Revised Proposal offered for an acquisition of Link Group at a cash price of $5.40 per share.

The Consortium’s previous proposal(dated 10 October 2020) for a scrip alternative has been revised so that it includes the option of a cash offer for Link Group ex-PEXA of $3.80 per share, along with the ability to take an indirect interest in Link Group’s PEXA holding in a structure that remains unchanged from the initial proposal.

The Consortium has informed Link Group that shareholders holding in excess of 14.6% of Link Group shares have stated their intention to vote in favour of the Revised Proposal in the absence of a superior proposal.

At the same time, the Consortium has said that it requires a six week due diligence period in order to further progress its Revised Proposal and to obtain finance. The Consortium has said that in the absence of agreement to provide access to due diligence materials by 5:00pm Wednesday, 28 October 2020, it will withdraw its Revised Proposal.