The market is “skeptical” as to whether the Dye & Durham will eventually proceed. But Mr Stadnik said Link had several different bids for parts of the business and certain assets were seen as strategically attractive by other players.
The Australian Competition and Consumer Commission announced on June 16 that it had serious concerns about the Dye & Durham’s submission for Link. Concerns over PEXA’s e-transfer business, of which Link owns 42.8%, and potential vertical integration that would hamper competition as the digitalization of property market transfer accelerates. Dye & Durham, which is listed on the Toronto Stock Exchange, said last week it was ‘concerned’ by the ACCC’s June 16 statement and was assessing the impact it might have on the proposed transaction. with Link.
Dye & Durham already provides information brokerage services, legal practice management software and conveyancing and manual property settlement services in Australia.
Link has been on a rollercoaster ride for two years, during which four takeover bids have been floated, with the Dye & Durham’s offer being the most recent.
US private equity firm The Carlyle Group eventually walked away after weeks of detailed due diligence late last year, following an initial $5.38 per share offering consisting of two elements – $3 for Link’s main business and a prorated distribution of Link’s $42.8. penny of PEXA to the shareholders of Link.
In late 2020, Carlyle and Pacific Equity Partners sued Link in a combined tilt where an indicative offer reached $5.40. US group SS&C Technologies made a $3 billion takeover bid at the end of 2020, but pulled out after a month of due diligence.