Link board throws PEXA back in the mix as D&D acquisition founders
The Dye & Durham acquisition of Link Group appears close to falling over completely, with the Link board declaring it is unable to recommend a revised proposal generated by regulatory issues in the United Kingdom.
In doing so, the Board has thrown the substantial sale of PEXA back on the table.
Link announced to the Australian Securities Exchange today that a revised proposal received from Dye & Durham on 18 September involving a new proposal structured as an upfront payment of $3.81 per Link share plus a contingent payment could not be recommended.
“The Link Group Board has considered a range of factors in relation to the New Proposal, including matters related to value, structure and alternatives available to Link Group if a transaction with Dye & Durham does not proceed,” Link told the ASX. “The Link board is unable to recommend the New Proposal.”
“In the event the Scheme does not proceed, as previously advised, Link Group intends to evaluate alternatives for the business, including an in specie distribution of a minimum of 80% of Link Group’s shareholding in PEXA, in order to maximise value to shareholders.
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