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Link Group says Dye & Durham wants to cut takeover offer for company

TORONTO — Link Administration Holdings Ltd. says Dye & Durham Corp. has proposed to cut its takeover offer for the company. The Australian company says Dye & Durham wants to reduce its offer to A$4.

TORONTO — Link Administration Holdings Ltd. says Dye & Durham Corp. has proposed to cut its takeover offer for the company.

The Australian company says Dye & Durham wants to reduce its offer to A$4.30 per share compared with an earlier offer of A$5.50 per share.

Link Group says its board will consider the request and consult with its financial, legal and tax advisers.

Dye & Durham announced its deal to buy Link Group in December last year for C$3.2 billion.

The Toronto-based company said at the time the acquisition would expand its customer base in key U.K. and Australian markets and strengthen its business-to-business software and information service solutions. 

The Australian Competition and Consumer Commission said earlier this month that it had significant preliminary competition concerns with the deal.

This report by The Canadian Press was first published June 27, 2022.

Companies in this story: (TSX:DND)

The Canadian Press