The Link board on Monday told shareholders to take no action after it received a “conditional, non-binding indicative proposal from a consortium comprising Pacific Equity Partners, Carlyle Group and their affiliates” through a scheme of arrangement proposal.
It also represents a back-to-the-future moment for PEP, which owned Link for a decade before floating it onto the ASX in 2015 at a share price of $6.37.
The $5.20 per share proposal gives an enterprise value of $3.8 billion to Link, when equity, debt and a pending acquisition of Irish group Pepper Servicing worth $266 million, which is still to be settled, are all taken into account.
Carlyle and PEP have secured a commitment from Link’s largest shareholder, Perpetual, to accept any offer of $5.20 a share or more.
Perpetual owns 9.65 per cent of the company. Carlyle and PEP said in a letter to Link’s chairman Michael Carapiet and independent director