Citi sees improved odds of Australia's Link Administration deal going through

29Metals

22/07/2022 24:03

** Citi sees improved probability of the acquisition of
Australia's Link Administration  LNK.AX  going through, after
LNK accepted a revised bid offer from Canada's Dye & Durham
 DND.TO  
    ** Link shareholders recommended the Canadian firm's revised
offer of A$4.81 per share, valuing the share registry company at
A$2.47 billion  ($1.71 billion)  urn:newsml:reuters.com:*:nL4N2Z13TG
    ** However, Citi flags that while the revised bid looks more
likely to proceed, there is still some uncertainty with regards
to Australia's competition regulator's issues with the
acquisition of LNK's stake in Pexa,  PXA.AX  among others 
    ** The broker also says that the completion of the deal by
the previously stated date of Sept. 30 seems possible, although
challenges remain 
    ** The brokerage has a "Neutral" rating on the stock and
hikes its price target to A$4.60/shr 
    ** Three of seven analysts rate the stock "buy" or higher,
four "hold" and none "sell" or lower; their median PT is A$4.66–
Refinitiv data
    ** Stock has fallen ~20% this year, as of last close


($1 = 1.4484 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru, editing by Deepa
Babington)
 ((Archishma.Iyer@thomsonreuters.com;))