Aussie IT service management firm Link Administration Holdings announced that SS&C Technology Holdings has withdrawn its proposal to acquire Link Group. US-based SS&C Technology has offered to acquire the Aussie IT services company for AU$3.02 billion in December 2020.
Sydney-headquartered Link Group earlier said SS&C Technology’s offer prices at AU$5.65 per share wasn’t compelling enough. The Aussie IT firm had asked the US-based firm to come up with a better offer, despite it being about 5% higher than rival bids (Pacific Equity Partners and Carlyle Group).
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The offer by the NASDAQ-listed company was subject to a set of conditions, which included obtaining unanimous support for the Link Group Board. News of the SS&C’s proposal prompted a hike in LNK’s share price from $4.96 on 7th December to $5.64 on 8th December 2020.
However, Link Group’s Board felt that the offer wasn’t compelling enough and wanted to continue to consider more options. The Board also decided to provide more due diligence information on a non-exclusive basis.
The IT services management company, that also provides services to fund managers along with trading firms, said in October it is additionally looking at spinning-off PEXA into a separate listed company. It is an online property transaction firm which is owned 44.2% by Link.
About Link Group
New South Wales-based Link Group manages financial ownership data and drives analysis, engagement and insight via technology. The firm offers end-to-end solutions for organizations for corporate markets, retirement and superannuation, banking and credit management and fund solutions.
The IT services company has partnered with thousands of financial market players to deliver excellent solutions, services and tech platforms that improve user experience and help in making administration simple. Its client’s include some of the world’s biggest organizations, corporations, financial institutions and pension funds.
The solutions also help manage the complexities of regulatories, enhance data management and leverage the power of insights, analysis and technology. Its core businesses are supported by their experience in data analytics and digital solutions.
Link Group is led by Mr Vivek Bhatia, CEO and Managing Director and has over 6500+ people working across the world. Its leadership team includes Mr Andrew MacLachlan (Chief Financial Officer), Mr Paul Gardiner (Chief Technology & Operations Officer), Ms Wendy Phillis (Chief Risk Officer), Mr Michael Rosmarin (Chief HR & Brand Officer) and Ms Janine Rolfe (General Counsel and Company Secretary).
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Image Courtesy: SS&C