Dye & Durham isn’t giving up on its pursuit of Link Administration Holdings after its failed takeover attempt of the company, though it’s narrowing the scope of its interest to a pair of the Australian firm’s business units.
In a filing Wednesday, Link said Dye & Durham has tabled a non-binding indication of interest to buy its corporate markets and banking and credit management operations for $1.1 billion .
Link said it was the third such non-binding proposal made by Dye & Durham in the last week, and that it had declined to engage with the earlier offers. Link plans to provide shareholders with an update on the proposal within the next week.The offer comes less than a month after Dye & Durham’s one-year long pursuit of Link – Australia’s largest service provider to pensions – collapsed in light of liability concerns tied to a failed Link fund administered by U.K.
Before the deal collapsed under the weight of those concerns, Dye & Durham had already renegotiated a 12.5 per cent reduction in the original $3.2 billion purchase price agreed to last December, as tech sector valuations cratered in this rising rate environment.
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