Superannuation admin industry Link Administration (ASX: LNK) has received a non-binding takeover proposal from Carlyle Asia Partners, an investment fund managed by the Carlyle Group.
Under the proposal, Carlyle has offered to acquire all shares in Link for $3.00 per share via a scheme of arrangement, plus a pro rata distribution of Link’s shareholding in PEXA Group. The latter is valued at $2.38 per share on a look-through basis, bringing the total consideration to $5.38 per share. This offer represents a 24.2 per cent premium to the Link share price at yesterday’s close
The Link board will consider the proposal, including obtaining advice from its financial, legal and tax advisers. The proposal is subject to a number of conditions, including, due diligence, negotiation and securing debt financing.
Link said that shareholders do not need to take any action in relation to the proposal.
Shares in Link Administration (ASX:LNK) are trading 11.2 per cent higher at $4.82.