$2.1b takeover offer for Link Group
Major superannuation administrator Link Group has become the subject of a takeover offer from Japanese group, Mitsubishi UJF Trust and Banking Corporation.
Link announced to the Australian Securities Exchange (ASX) that it had entered into a Scheme Implementation deed with Mitsubishi UFJ under which it would acquire 100% of the shares in Link.
The Link Group Board has unanimously recommended that shareholders vote in favour of the Scheme in the absence of a superior proposal.
Under the transaction, Link Group shareho9ldes will receive $2.10 cash per Link share plus a dividend of 0.16 cents cash per Link share expected to be paid by Link which be franked by approximately 25%.
The transaction values Link equity at $1.2 billion and implies an enterprise value of $2.1 billion.
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