SS&C Tech lobs $2.24 bln bid for Australia’s Backlink, enhances on Caryle’s provide
Adds specifics of supply, qualifications
Dec 7 (Reuters) – Link Administration Holdings LNK.AX, on Monday received a A$3.02 billion ($2.24 billion) buyout proposal from SS&C Systems Holdings Inc SSNC.O, weeks just after indicating it did not see compelling price in a takeover bid by a Carlyle Group-led private fairness consortium.
Connecticut, U.S.-based program supplier SS&C’s non-binding offer of A$5.65 a share is at a 13.9% high quality to the Australian shareholder registry firm’s closing rate on Monday.
It was 4.6% bigger than the sweetened A$5.40 per share supply Hyperlink been given from private equity firms Carlyle CG.O and Pacific Fairness Partners in Oct.
Backlink had agreed to open its books to the non-public equity duo in Oct, but experienced flagged that it did not see “persuasive price” in the raised takeover supply.
The provide value assumes that no even more dividends, distributions or reductions in cash would be paid out from the date of the SS&C Proposal, New South Wales-based Connection reported in a statement.
Backlink, which also gives services to fund supervisors and trading corporations, extra it would look at the provide from SS&C and asked shareholders to not consider any motion nonetheless.
SS&C Technologies did not quickly reply to a ask for for remark.
($1 = 1.3492 Australian pounds)
(Reporting by A K Pranav in Bengaluru Enhancing by Aditya Soni and Rashmi Aich)
(([email protected] Twitter: @AKPranav1 +918061823270))
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