It’s crunch time at Link Group and investors are nervous the company’s going to miss its suitor Dye & Durham.
Link said it couldn’t recommend either after speaking to stakeholders, considering the independent expert’s report, and thinking about life without a takeover.That said, there appears to be realisation in the back office financial services group’s camp that the world has changed since December and theThere’s also a big push for a deal on Link’s share register, from both domestic long-only type fund managers and hedge funds playing the situation. As always, it’s all about price.
There’s been some talks between the camps recently. Link has Macquarie Capital, UBS and Freehills in its corner, while DInvestors reckon there was another round of talks over the weekend, fuelling hopes of a breakthrough with a new deal perhaps a few cents higher than DHowever, come Wednesday morning there was still no deal. The company’s shares last traded at $3.94.
Investors that have trawled through the scheme book and Australia’s takeovers regulations reckon the two sides have another few days, or maybe a week at the most, to come to terms. It takes about 70 days to update a scheme, get court and shareholder approvals, and the like. However, if the stalemate drags on much longer, the September 30 trigger would scupper the deal and DThen it’ll be over to Plan B for Link’s board, which would mean getting serious about plans to spin-off Pexa to its shareholders.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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