Carlyle, Pacific Equity drop $2.23 bln bid for Australia's Link (updated)
28/04/2021 24:11
(Adds details on offers for PEXA, background)
April 28 (Reuters) - Link Administration Holdings Ltd
LNK.AX said on Wednesday that a consortium including Carlyle
Group CG.O and Pacific Equity Partners had withdrawn its
A$2.87 billion ($2.23 billion) takeover offer for the Australian
shareholder registry firm.
The group had made multiple bids for Link last year, enticed
by the Australian firm's 44.2% stake in online conveyancing firm
PEXA, which Link aims to sell amid a rebound in the domestic
property market.
Interest in PEXA was also central to a failed bid for Link
by SS&C Technologies Holdings Inc SSNC.O earlier this year.
urn:newsml:reuters.com:*:nL1N2K60JZ urn:newsml:reuters.com:*:nL1N2JE0DP
Link said on Wednesday it had received non-binding
indications of interest that reflected better value for PEXA
than what the Carlyle-Pacific Equity offer would have implied,
without naming the parties involved.
Binding offers for the PEXA stake are expected during June,
though the company is also exploring taking the online property
transaction firm public, it had said. urn:newsml:reuters.com:*:nGLF14x2pT
($1 = 1.2877 Australian dollars)
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Arun
Koyyur and Devika Syamnath)
((Shashwat.Awasthi@thomsonreuters.com;))