Superannuation admin industry Link Administration (ASX:LNK) has considered it appropriate to provide Carlyle with due diligence information on a non-exclusive basis, in regards to the takeover bid.
Earlier in November, Carlyle Asia Partners, an investment fund managed by the Carlyle Group, made a non-binding takeover proposal to acquire all shares in Link for $3.00 per share.
Link said it was necessary to provide the US private equity giant with due diligence information so that it can develop a revised proposal which doesn’t require further due diligence and could be recommended to shareholders. The due diligence information will be provided subject to extension of the confidentiality agreement between the two companies.
Link also said there is no certainty that the proposal will eventuate and shareholders do not need to take any action in relation to the proposal.
Shares in Link Administration (ASX:LNK) are trading 0.2 per cent higher at $4.78.