SS&C launches takeover bid for Link
Big publicly-listed administrator, Link Administration Holdings has received another takeover bid, this time from SS&C Technologies.
Link has announced to the Australian Securities Exchange (ASX) that it has received a conditional, non-binding indicative proposal from SS&C to acquire 100% of the share in Link by way of a Scheme of Arrangement.
The SS&C bid comes only week after Link gave a less than warm welcome to a private equity bid led by Carlyle and Pacific Equity Partners.
The Link Group board has said in its ASX announcement that it will consider the SS&C proposal, including obtaining advice from its financial and legal advisers, noting that shareholders did not need to take any action in relation to the SS&C proposal.
“It should be noted that there is no certainty that the discussions with SS&C will result in any transaction.
“The cash price offered to shareholders under the SS&C proposal is $5.65 per share and assumes no further dividends, distributions or reductions in capital,” the announcement said.
Recommended for you
Clime Investment Management has sold a portion of its retail client book to an external financial planning practice for $1.6 million in its latest cost-out move.
In his inaugural address as L1 Group chief executive, Julian Russell has outlined his vision and priorities for the newly-merged $16.7 billion business but warned fund outflows will continue for 18 months.
Ten Cap has announced it will launch its first active ETF on the ASX later this month, expanding retail access to its flagship Australian equities strategy.
Flows into cash and fixed income ETFs rose by 46 per cent in October with investors particularly demonstrating a preference for Australian credit ETFs as they move away from AT1 bank hybrids.
