The Link board is in talks on the latest proposal with the Canadian group but they are “non-exclusive”, opening the door for others.
But the Link board is leaving open the possibility of other players coming in should the superannuation administration and share registry company be broken up.
Dye & Durham CEO Matthew Proud and his company are making some headway with a new $1.27 billion proposal for a large part of Link Group.Durham on a “non-exclusive basis to see if the conditional non-binding proposal can be progressed to a transaction that will provide sufficient value and certainty, on appropriate terms, to Link,” the company said in a statement on Monday to the ASX.Durham proposal on October 5 aims to buy Link’s corporate markets business and BCM business.
Link said on Monday there was no certainty that the talks on the latest $1.27 billion proposal would lead to a concrete deal.It also reminded investors that other options were on the table when it comes to its most prized asset – the 42.8 per cent stake in electronic conveyancing group PEXA. Link said that it was still talking to the Australian Taxation Office about a potential in-specie distribution to Link shareholders of a minimum of 80 per cent of that PEXA stake.
Those “legacy liabilities” totalled $600 million. It included an extra £50 million fine imposed on September 21 by the Financial Conduct Authority, which had already asked Link toDurham chief executive Matthew Proud signalled almost two weeks ago that he had not given up on Link even though the broder deal was finished.
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