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Shares of Link Administration Holdings Ltd (ASX:LNK) are currently on ice following a company-requested halt to trading.
The shares fell 12.68% to $4.34 in today’s trading before being suspended, ahead of a company announcement.
Link didn’t mention any reason behind the halt – it was only the ASX that approved the trading pause.
What’s going on with the Link stock price?
What is behind today’s trading break is unclear. The company didn’t say, and the ASX didn’t reveal any information.
“Trading in the entity’s securities will be temporarily suspended pending further announcement,” is all the ASX said.
However, the company provided an update on its proposed acquisition by Dye & Durham Corporation. The takeover was first announced in December 2021.
“Link Group is pleased to announce that the Supreme Court of New South Wales today issued…orders relating to the [transaction]“, said the company.
The independent expert concluded that the plan is fair and reasonable and therefore in the best interest of the shareholders of Link Group, in the absence of a superior proposal.
The independent expert has valued the total underlying value of Link Group at between $4.81 and $5.97 per Link share.
The base cash consideration of $5.50 per Linkage Share and the base cash consideration plus interim dividend of $5.53 per Linkage Share fall within this range.
Specifically, the program meeting will be held at 10 a.m. (Sydney time) on July 13, 2022, Link said.
Until trading resumes for Link’s stock, we’ll have to wait and see what the company announces.
Over the past 12 months, Link’s stock price has fallen nearly 12% into the red and is down 22% year to date.