Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Citing the Australian Competition and Consumer Commission's concerns and challenging markets,  Dye &amp; Durham (D&amp;D) reduced its Offer price for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> to $4.30/share, down from $5.50/share.</li>
<li>Link has now announced it "does not believe it is able to recommend" the revised Offer.</li>
<li>That tentative rejection, and the fact it remains in discussion with D&amp;D, suggest a board-backed price is probably somewhere between the original bid price and the reduced Offer terms. </li>
</ul>


Citing the Australian Competition and Consumer Commission's concerns and challenging markets,  Dye &amp; Durham (D&amp;D) reduced its Offer price for Link Administration (LNK AU) to $4.30/share, down from $5.50/share.
Link has now announced it "does not believe it is able to recommend" the revised Offer.
That tentative rejection, and the fact it remains in discussion with D&amp;D, suggest a board-backed price is probably somewhere between the original bid price and the reduced Offer terms. 


Link Admin Rejects Dye & Durham’s Revised Offer

<ul>
<li>Dye &amp; Durham (D&amp;D) has reduced its Offer price for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> to $4.30/share, down from $5.50/share.</li>
<li>The revised offer followed the Australian Competition and Consumer Commission's concerns that D&amp;D's acquisition of Link would lead to dominance in Australia's conveyancing market.</li>
<li>To facilitate the new Offer, D&amp;D said it is considering providing an undertaking to ACCC - presumably, but not stated, being the sale of its GlobalX business.</li>
</ul>


Dye &amp; Durham (D&amp;D) has reduced its Offer price for Link Administration (LNK AU) to $4.30/share, down from $5.50/share.
The revised offer followed the Australian Competition and Consumer Commission's concerns that D&amp;D's acquisition of Link would lead to dominance in Australia's conveyancing market.
To facilitate the new Offer, D&amp;D said it is considering providing an undertaking to ACCC - presumably, but not stated, being the sale of its GlobalX business.


Link Admin: Dye & Durham’s Cuts Bid Price

<ul>
<li>This transaction is looking increasingly toast. The ACCC has outlined significant preliminary competition concerns with Dye &amp; Durham’s (D&amp;D) proposed acquisition of <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>.</li>
<li>Separately, Link's subsidiary, Link Fund Solutions Limited, has been notified that an application for a "Group Litigation Order" has been filed in the English High Court. </li>
<li>Link has to exit <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA</a> for this transaction to proceed. But how badly do D&amp;D want PEXA? Will they walk? Time to look at Link fundamentally, separate from D&amp;D's Offer.</li>
</ul>


This transaction is looking increasingly toast. The ACCC has outlined significant preliminary competition concerns with Dye &amp; Durham’s (D&amp;D) proposed acquisition of Link Administration (LNK AU).
Separately, Link's subsidiary, Link Fund Solutions Limited, has been notified that an application for a "Group Litigation Order" has been filed in the English High Court. 
Link has to exit PEXA for this transaction to proceed. But how badly do D&amp;D want PEXA? Will they walk? Time to look at Link fundamentally, separate from D&amp;D's Offer.


Link Admin: Dye & Durham’s Deal All But Dead

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> scheme meeting is scheduled for 13 July. The independent expert has concluded that the Dye &amp; Durham (DND) offer is fair and reasonable.</li>
<li>The offer faces significant risks which are ACCC review (<a href="https://www.accc.gov.au/public-registers/mergers-registers/public-informal-merger-reviews/dye-durham-corporation-link-administration-holdings" target="_blank" rel="noopener">findings delayed</a> from the 26 May release date), a contract renewal potentially triggering the MAC clause and an ongoing <a href="https://www.fca.org.uk/news/news-stories/lf-woodford-equity-income-fund-investigation" target="_blank" rel="noopener">FCA investigation</a>.</li>
<li>At the last close, the gross spread to the base offer is 10.7%. We would be buyers up to A$5.20 per share (implies 75% deal probability).</li>
</ul>


The Link Administration Holdings (LNK AU) scheme meeting is scheduled for 13 July. The independent expert has concluded that the Dye &amp; Durham (DND) offer is fair and reasonable.
The offer faces significant risks which are ACCC review (findings delayed from the 26 May release date), a contract renewal potentially triggering the MAC clause and an ongoing FCA investigation.
At the last close, the gross spread to the base offer is 10.7%. We would be buyers up to A$5.20 per share (implies 75% deal probability).


Link’s Scheme Meeting on 13 July, High Spread Reflects Deal Risk

<ul>
<li>The Supreme Court of New South Wales today approved the convening of a Scheme Meeting for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> on the 13 July.  </li>
<li>The Explanatory Booklet has been registered with ASIC. The Independent Expert (Deloitte) has concluded that the A$5.50/share Scheme Consideration is fair and reasonable. </li>
<li>Separately, the Offeror, Canada's Dye &amp; Durham, has seen its shares decline 57% since the release of its 2Q22 results.</li>
</ul>


The Supreme Court of New South Wales today approved the convening of a Scheme Meeting for Link Administration Holdings (LNK AU) on the 13 July.  
The Explanatory Booklet has been registered with ASIC. The Independent Expert (Deloitte) has concluded that the A$5.50/share Scheme Consideration is fair and reasonable. 
Separately, the Offeror, Canada's Dye &amp; Durham, has seen its shares decline 57% since the release of its 2Q22 results.


Link Admin (LNK AU): 13 July Scheme Meeting As Dye & Durham Takes A Bath

United States

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

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SS&C Technologies (SSNC US)

Link Admin Rejects Dye & Durham’s Revised Offer

If you are in - stay in. Or get involved around here. The mid-price of the IE's fair value range is A$5.39. The ASX 200 is down 11% since the...

David Blennerhassett

Link Admin: Dye & Durham’s Cuts Bid Price

The Trade: Link was a great buy at - $3.36 as per my last insight. I think the board will put the revised terms to shareholders. There is still a...

David Blennerhassett

Link Admin: Dye & Durham’s Deal All But Dead

Link is a buy here - $3.36 as I type. The deal is not officially dead, so there are possibly event holders involved, who could still kick out.

David Blennerhassett

Link’s Scheme Meeting on 13 July, High Spread Reflects Deal Risk

The high gross spread of 10.7% reflects significant risks which are ACCC review, a contract renewal potentially leading to MAC and an FCA...

Arun George

Link Admin (LNK AU): 13 July Scheme Meeting As Dye & Durham Takes A Bath

The dispatch of the Explanatory Booklet is positive. Trading at a 10.7%/46.4% gross/annualised spread. That's attractive.

David Blennerhassett

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