Canada’s Dye & Durham has chased Link for 10 months and made three different part buyout proposals in a week.
which the target’s board says it is now considering, after rebuffing two partial buyout proposals made in secret a few days earlier.
The latest proposal came on October 5 and is a non-binding, indicative proposal to buy Link’s Corporate Markets business, and Link’s BCM business. Link shares gained 6.4 per cent in early trading on the ASX on Wednesday to $3.10 by 11.30am AEST.The Link board told the ASX on Wednesday it was considering this third proposal, as it outlined that it had not engaged on the two offers which had been made confidentially.
The first of those came last week, and was for a $950 million buyout of Link’s Corporate Markets business, which runs share registries for listed companies. The second was made on October 2 for a $1.1 billion buyout of the Corporate Markets business and parts of the BCM business, excluding the parts of it that deal with non-performing loans.
The buyout proposals follow the collapse of a broader $2.5 billion buyout of Link, which had been agreed between the two groups but which fell over in the final weeks before a September 30 deadline.That deal failed because of uncertainties triggered by fines and rulings outlined by a British financial regulator over theadministered by a Link UK subsidiary. It made a mess of the economics of the original proposal and caused unexpected “legacy liabilities”.
Those “legacy liabilities” totalled up to $600 million. It comprised 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 nine days ago that he hadn’t given up on Link even though the wider $2.5 billion buyout proposal was finished.
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