UPDATE 3-Australia's Link ends $854 mln takeover talks with Dye & Durham

Scott Murdoch
Updated ·2 min read

(Adds Link CEO comments)

By Scott Murdoch

Dec 8 (Reuters) - Australia's Link Administration Holdings Ltd said on Thursday it had ended talks with Canada's Dye & Durham Ltd to sell its corporate markets and banking and credit management businesses for A$1.27 billion ($853.8 million).

Link shares closed down 1.5% at A$3.33 after dropping 9.5% soon after trade opened.

Cloud-based software firm Dye & Durham has been trying to buy Link Administration or parts of it since last December in a long-running takeover tussle.

The failed deal joins a growing number of Australian transactions that ended up not going ahead in 2022, led by KKR & Co Inc's $13 billion bid for private hospitals group Ramsay Health Care Ltd.

In a statement to the Australian Securities Exchange, Link said Dye & Durham had proposed deferring part of its payment for the business for two years.

Link said, in its opinion, Dye & Durham had not been able to progress its bid and show it had committed financing after two months of negotiations. Dye & Durham did not immediately respond to a request for comment on whether its funding had been secured.

"We believed now was the right time to call time on the takeover activity and that will allow us to focus on running the business," Link Chief Executive Vivek Bhatia told Reuters.

He said the company wanted certainty on funding and acceptable terms before signing a binding contract.

"You could say, what's another two weeks, another four weeks, but for our team and our clients, everyone deserves a clear decision."

Dye & Durham lodged a bid for Link's business units in October after its earlier bid to acquire the full company fell through due to regulatory headwinds and global market volatility.

The Canadian group told Reuters its revised bid for the corporate markets business was reflective of its valuation.

"While we believe the business continues to have attractive characteristics and would establish a new, strategic growth vertical for Dye & Durham, we are not willing to do a deal at any price," the company said in an emailed statement.

Link also reaffirmed its fiscal 2023 outlook on Thursday. ($1 = 1.4874 Australian dollars) (Reporting by Scott Murdoch in Sydney, and Navya Mittal and Savyata Mishra in Bengaluru; Editing by Shounak Dasgupta, Stephen Coates and Edmund Klamann)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • How the jury was selected in Trump's hush money trial

    Jury selection concluded Friday with six alternate jurors picked to join the panel of 12 that will ultimately decide the former president's fate.

  • Idaho group says it is exploring a ballot initiative for abortion rights and reproductive care

    BOISE, Idaho (AP) — A new Idaho organization says it will ask voters to restore abortion access and other reproductive health care rights in the state after lawmakers let a second legislative session end without modifying strict abortion bans that have been blamed for a recent exodus of health care providers. “We have not been able to get a fix from our lawmakers, our politicians. We are going to seek a fix from our people,” Melanie Folwell, a spokeswoman for Idahoans United for Women and Famili

  • First Nation solar farm in B.C. expected to save 1.1 million litres of diesel a year

    ANAHIM LAKE, B.C. — A First Nation in central British Columbia will build what the federal government says will likely be the largest off-grid solar project in Canada. Nearly $16 million in federal and provincial funding is going toward the solar farm in Anahim Lake, home to the Ulkatcho First Nation, where power is currently diesel generated. Infrastructure Canada says in a news release that the project will reduce the need for diesel generation in the remote community by about 64 per cent, equ

  • FLY AWAY: New airport terminal at MidAmerica Industrial Park

    FLY AWAY: New airport terminal at MidAmerica Industrial Park

  • Canadian pro fisher Cory Johnston moves into top spot in Elite Series event

    PALATKA, Fla. — Canadian pro fisher Cory Johnston took a huge step toward securing his first-ever Elite Series win Friday. Johnston, of Cavan, Ont., brought in a five-fish limit weighing 27 pounds eight ounces -- the day's heaviest bag -- to take the overall lead at 50 pounds 11 ounces after the second day of the Elite Series event on the St. Johns River. American Matt Arey is second, 11 pounds nine ounces behind Johnston. Johnston stood second overall after the first day at 23 pounds three ounc

  • Honeymoon Island has split into two islands

    There are a lot of places to explore inside Honeymoon Island State Park. But now it’s a little more challenging to get to some spots. Paul Paxon and his wife Denise brought their kayaks here to see the changes.

  • Paralympic swimmer has been able to chase her dreams thanks to adoption

    An incredible story of love, adoption, perseverance and inspiration is going to be told this weekend at an event in Lancaster County.

  • What prison sentence could Trump face if he is convicted at his hush money trial?

    Republican presidential contender is the first former US president to go on criminal trial

  • Family Dollar, Dollar Tree closing 35 Ohio stores, 10 in Cincinnati-area

    Family Dollar, Dollar Tree closing 35 Ohio stores, 10 in Cincinnati-area

  • Evicting unwelcome Canada geese

    WRTV's Vic Ryckaert introduces us to a woman and her dog that evict unwanted Canada geese.

  • Baltimore County rec teams are helping to grow the game of lacrosse

    A big surprise for some high school athletes. The Owings Mills Boys lacrosse team was using outdated, mismatched equipment. That changed when they showed up to practice Friday afternoon.

  • Man builds entire home next to LA freeway

    Home in encampment along 110 Freeway has own front door and electricity, allowing the resident to have lights, a stove and a refrigerator

  • Taylor Swift's 'complex & critical' music offers unique educational opportunities

    Taylor Swift's much anticipated new album is sending fans into a frenzy and music stream skyrocketing.

  • The cicadas have arrived

    The cicadas have arrived

  • Stitt hasn't committed to signing bill to allow law enforcement to remove undocumented immigrants

    Stitt hasn't committed to signing bill to allow law enforcement to remove undocumented immigrants

  • Remembering John Tomlin | Columbine 25 years

    In honor of the victims of Columbine on the occasion of 25 years since the tragedy, these are the inscriptions on each plaque provided by the Columbine Memorial Foundation. This is John Tomlin’s tribute.

  • Smoke ‘n’ Spurs back in the saddle this summer

    PAPINEAU-CAMERON TWP., Ont. — Smoke ‘n’ Spurs rides again. From horses to horsepower, the Smoke ‘n’ Spurs festival revs it up, and this Labour Day weekend, the event rolls into its new home, in Papineau-Cameron Township, just outside of Mattawa. “Everything is wide open for us,” said Gary Anderson of the coming festival. Anderson and his wife, Jennifer, are excited to revive the festival previously held in Powassan. After six successful years, organizers decided to cancel the seventh year, and w

  • Clippers fined $25,000 by NBA for violating league injury reporting rules

    NEW YORK (AP) — The Los Angeles Clippers were fined $25,000 by the NBA on Friday for violating league injury reporting rules. The team failed to accurately disclose the availability status of Paul George, Norman Powell and Russell Westbrook before its game against Houston last Sunday, the final day of the regular season. None of the trio played and none were listed on the team's injury report as being out due to injury or rest. ___ AP NBA: https://apnews.com/hub/nba The Associated Press

  • Road closure to start amid bridge replacement

    Maryland Route 91 will close for months amid bridge replacement work in the Finksburg area, according to the State Highway Administration. The closure is set to start at 5 a.m. on Monday, just north of Maryland Route 140, as crews start work on replacing two bridges, one over the North Branch of the Patapsco River and another over the Maryland Midland Railroad tracks. The existing bridges, erected in 1967, are due for replacement. Maintaining traffic flow while working on the old bridges has proven challenging.

  • Enterprise Group signs MOU with Treaty 8 First Nation

    Enterprise Group, an energy services consolidator, signed a Memorandum of Understanding (MOU) on April 1st outlining a business relationship with a prominent Treaty 8 First Nation, according to a news release from the company. Energeticcity.ca contacted Enterprise regarding which First Nation they signed the agreement with but did not receive a response by publication time. The MOU is an agreement to expand and further develop the business relationship between the parties, which includes Enterpr