The logo for Dye & Durham Ltd. is shown in this undated handout photo. THE CANADIAN PRESS/HO
Republished September 19, 2022 - 12:55 PM
Original Publication Date September 19, 2022 - 7:26 AM
TORONTO - Australia's Link Administration Holdings Ltd. is rejecting proposed changes Dye & Durham Ltd. has made to its takeover offer.
Toronto-based Dye & Durham lowered its bid from an original $4.81 (Australian) per Link share to $3.81, plus up to $1 per share depending on the outcome of a British watchdog's review.
The U.K. Financial Conduct Authority (FCA) said earlier this month it will not approve Dye & Durham's acquisition of Link Group unless it agrees to covers expenses related to its probe into the collapse of a Link-managed fund.
Approval from the FCA is a condition of Dye & Durham's deal to acquire Link.
The Link Group board says it is unable to recommend the new proposal.
Link says if the deal does not go ahead it intends to evaluate alternatives for the business.
This report by The Canadian Press was first published Sept. 19, 2022.
Companies in this story: (TSX:DND)
News from © The Canadian Press, 2022