TORONTO — The board of Australian company Link Administration Holdings Ltd. is rejecting the latest takeover offer by Dye & Durham Ltd.
The board says it is unable to recommend the offer, but added it is continuing to engage with the Canadian company.
Last week, Dye & Durham offered up to A$4.70 per share for Link including A$4.57 per share plus up to 13 cents per share for the proceeds from the sale of its banking and credit management business.
The offer was up from a June offer of A$4.30 per share, but down from Dye & Durham’s proposal of A$5.50 per share in December.
The Toronto-based company has said the acquisition would expand its customer base in key U.K. and Australian markets and strengthen its business-to-business software and information service solutions.
The Australian Competition and Consumer Commission said last month it had significant preliminary competition concerns with the deal.
This report by The Canadian Press was first published July 11, 2022.
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