⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

UPDATE 2-Australia's Link soars nearly 30% on Carlyle, Pacific Equity's $2 bln takeover offer

Published 12/10/2020, 10:23 am
Updated 12/10/2020, 11:48 am
© Reuters.
PPT
-
CG
-
LNK
-

(Adds shares in paragraph 3, background and Carlyle/PEP response)

Oct 12 (Reuters) - Link Administration Holdings Ltd LNK.AX said on Monday it received a conditional A$2.76 billion ($2 billion) takeover offer from private equity firms Carlyle Group CG.O and Pacific Equity Partners, sending its shares up nearly 30%.

The non-binding offer of A$5.20 a share is at a 30.3% premium to the shareholder registry firm's last closing price and has the support of Perpetual Ltd PPT.AX , which owns 9.7% of the company.

Link shares jumped as much as 27.8% to A$5.1, slightly under the private equity duo's offer, their highest since the end of February.

Pacific Equity Partners previously owned Link before it floated on the Australian stock exchange at A$6.37 a share in 2015.

Link, which also provides services to fund managers and trading firms, has lost nearly a third of its value since the start of the year and swung to a full-year loss in August, as the COVID-19 pandemic wrecked havoc across markets.

The company said it would consider the offer but asked shareholders not to take any action yet.

An external communications firm representing Carlyle and Pacific Equity Partners declined to comment.

Macquarie Capital and UBS have been appointed by Link as its financial advisers.

($1 = 1.3833 Australian dollars)

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.