Superannuation admin company Link Administration (ASX:LNK) has granted Pepper European Servicing due diligence following Pepper’s non-binding proposal to acquire Link’s banking and credit management business (BCM).
Lask week, the commercial company proposed to acquire BCM for up to $86.5 million. Link and the syndicate have agreed for the company to be given due diligence access on an exclusive basis for the period to December 17, subject to a customary fiduciary exception.
The agreement does not restrict Link from considering proposals in respect of the securities of Link Group, the company said.
Link said there is no certainty that the discussions with the syndicate will result in any transaction and shareholders do not need to take any action in relation to the proposal.
Shares in Link Administration (ASX: LNK) are trading 0.8 per cent higher at $4.83.