Home Business Australia’s Link Drops Deal Talks With Dye and Durham

Australia’s Link Drops Deal Talks With Dye and Durham

2 min read
Comments Off on Australia’s Link Drops Deal Talks With Dye and Durham
0
33


Article content

(Bloomberg) — Link Administration Holdings Ltd. shares tumbled after saying it’s walked away from talks with Dye & Durham Ltd. over a deal for parts of its business that would have salvaged elements of an earlier takeover agreement.

Article content

The Australian data manager said that it could not agree to “appropriate terms” with Canada’s Dye & Durham regarding a sale of multiple parts of its business that together had been valued at A$1.27 billion ($854 million), ending a monthslong saga of transaction talks.

Article content

Despite “best efforts and engagement with D&D over a period of over two months,” the proposal “has not been able to be progressed to a transaction that is certain, has committed financing, reflects appropriate value, and is on appropriate terms,” Link said in a statement Thursday.

It comes after the Toronto-based suitor’s effort to recut a deal for the whole company that the pair had agreed to collapsed in September in light of liabilities stemming from a failed fund Link administered that was run by UK star manager Neil Woodford. 

Link shares declined 8.3% as of 10:05 a.m. in Sydney, extending this year’s loss to 44%. 

“While we believe these businesses continue to have attractive characteristics and would be accretive to Dye & Durham, we are not willing to do a deal at any price,” Dye & Durham said in its own statement, confirming the talks had concluded.

(Adds shares from first paragrpah. An earlier version of this story corrected the company name in the headline)



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

Dave Bautista Says ‘Guardians 3’ Is Most Emotional of the Triology (Exclusive)

Backgrid Actor Dave Bautista is ready to flex his acting muscles in the new M. Night Shyam…