Link Administration Holdings Ltd, an Australia-based provider of services in superannuation administration industry, said it has received a conditional A$2.76 billion proposal from a consortium comprising Pacific Equity Partners, Carlyle Group to acquire 100% of the stake, sending its shares up 27% to A$5.1 on Monday.
The non-binding offer of A$5.20 a share is at a 30.3% premium to the shareholder registry firmâs last closing price and has the support of Perpetual Ltd, which owns 9.7% of the company, Reuters reported.
The Link Group Board will consider the Proposal, including obtaining advice from its financial and legal advisers. Shareholders do not need to take any action in relation to the Proposal. It should be noted that there is no certainty that the discussions with the Consortium will result in any transaction, the company said.
Link Group has appointed Macquarie Capital and UBS as its financial advisers and Herbert Smith Freehills