A US-listed technology company has withdrawn its bid for the Australian super administration group after its board said the price offered was not high enough.
In a statement to the market on Monday, Link Group said it had received a letter from SS&C Technology Holdings over the weekend saying it had withdrawn its acquisition offer for the company.
The offer was announced by Link late last year, but the board had come to the conclusion that the bid price of $5.65 per share did not present “compelling value for shareholders”.
“The Link Group board will continue to consider all alternatives to maximise value for shareholders,” the company said.
Link said this could include a potential demerger of its interest in Torrens Group Holdings and its core asset, electronic conveyancing business PEXA.
“Link Group will also explore a trade sale of its interest in [Torrens Group] from 18 January”, the company said.
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