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Link rejects revised Dye & Durham offer after UK regulator decision

TORONTO—Link Administration Holdings Ltd. rejects the changes that Dye & Durham Ltd. offered to take over the company after a decision by the UK’s Financial Conduct Authority (FCA).

TORONTO—Link Administration Holdings Ltd. rejects the changes that Dye & Durham Ltd. offered to take over the company after a decision by the UK’s Financial Conduct Authority (FCA).

The FCA has said it will not approve Dye & Durham’s acquisition of Link Group unless it covers any shortfall, up to a maximum of £306 million, against any payment of restitution or compensation it may collect in its investigation of the collapse of LF Woodford. Equity and Income Fund, which was managed by Link Fund Solutions Ltd.

FCA approval is a condition of Dye & Durham’s agreement to acquire Link.

Dye & Durham had agreed to pay A$4.81 per Link share.

Under the revised offer, he wants to pay A$3.81 per Link share plus up to A$1 per share depending on the outcome of an investigation by the FCA within 24 months of closing.

Link Group’s board said it was unable to recommend the new proposal and was evaluating its alternatives.

This report from The Canadian Press was first published on September 19, 2022.

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The Canadian Press