World News – AU – SS&C withdraws proposal for Link Group (ASX: LNK) – The Market Herald

NASDAQ-listed SS&C Technology Holdings has withdrawn its proposal to take over the IT service management company Link Group (LNK). .

The global provider of investment and financial software and services submitted a conditional, non-binding indicative proposal at the beginning of December to acquire all shares in the Link Group.

The proposal offered $ 5. 65 per LNK share and was subject to a number of conditions, including the unanimous support of the Link Group Board. News of the proposal appeared to trigger a $ 4 rise in the company’s share price. 96 on 7. December to $ 5. 64 on 8. December 2020.

However, after examining the proposal, the board concluded that it « does not provide a mandatory value » but chose not to provide additional due diligence information on an exclusive basis.

SS&C’s proposal followed a revised $ 5 proposal from private equity firms Carlyle Group and Pacific Equity Partners. 40 per share, which wasn’t convincing either.

The Link Group will continue to investigate what it calls structural alternatives for its portfolio, including a possible separation of its stake in Torrens Group Holdings.

This is in addition to the proposed split from Link Group 44. 2 percent stake in PEXA, a full-service network operator for electronic accommodation, in a separately listed company.

Stocks fell 12. 6 percent and was trading at $ 4. 85 at 11:16 a.m. AEDT.

Link Administration Hldgs, SS&C Technologies, ASX, ASX: LNK, Finance, Stock, NASDAQ, Stock