Link Administration opens books to Carlyle consortium in hope of improved offer


Adds background on revised offer

Oct 28 (Reuters) - Australia's Link Administration Holdings Ltd LNK.AX agreed on Wednesday to open its books to Carlyle Group Inc CG.O and Pacific Equity Partners after they raised their offer for the shareholder registry firm this week.

However, the shareholder registry firm said it did not see "compelling value" in the sweetened A$2.87 billion ($2.05 billion) takeover offer.

The promise of due diligence information comes on the deadline date set by the consortium, failing which it had threatened to walk away from the deal.

Link said it was providing the information in the hope that it would lead to a proposal it could recommend to shareholders. The private equity duo had bumped up its offer by nearly 4% after Link rejected a previous offer last week.

The revised proposal also includes an alternative option to buy Link if it spins off its online property transaction firm, PEXA, for A$3.80 per share.

On Wednesday, Link said determining the viability of the separation of PEXA required further work under the revised proposal. The consortium has previously said a separation can be achieved quicker under its proposal.


(Reporting by Soumyajit Saha and Nikhil Kurian Nainan in Bengaluru; Editing by Sam Holmes)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.