Link maker

D&D Offers $825M Deal For Link’s Units After Buyout Deal Fails

(Reuters) – Link Administration received an offer of 1.27 billion Australian dollars ($825.37 million) from Canada-based Dye & Durham (D&D) for its corporate markets and banking segments on Wednesday, days after D&D’s failed takeover bid for the entire company.

Shares of Australian Link rose 6.4% in early trading on Wednesday and were pricing in their best session in nearly a month.

D&D’s bid for the company’s share registry units came just days after the legal software maker’s proposed $1.63 billion acquisition of Link fell due to regulatory headwinds and global market volatility.

Link said it received an offer of A$1.1 billion on October 2 for its corporate markets segments and parts of the banking and credit management business. The offer follows a proposal by D&D last week to acquire the company’s enterprise markets business for A$950 million.

The share registry company said it would consider the A$1.27 billion offer.

Link’s corporate market arm offers services such as share register, employee stock ownership plans and investor relations. It is also the second most revenue-generating segment of the business.

The unit accounted for 31% of Link’s revenue in fiscal 2022 with UK-based media company ITV and Australian gaming company Tabcorp as its customer base, according to its annual report.

($1 = 1.5387 Australian dollars)

(Reporting by Tejaswi Marthi and Roushni Nair in Bengaluru; Editing by Krishna Chandra Eluri)