Dublin-headquartered LC Financial Holdings lodged an unsolicited bid for Link’s entire BCM business in November last year.
LCFH is now believed to be in the prime position to acquire BCM after Link confirmed on Tuesday its competitor, Pepper European Servicing, had withdrawn its interest.
Link confirmed in an ASX listing that it was now working with LCFH on an “exclusive basis”.
Late last year, Link confirmed LCFH had proposed to acquire BCM for up to €65 million ($101.2 million), comprising an upfront payment of €50 million plus a deferred payment of €15 million payable upon achievement of certain targets over a period of time.
At the same time, PES was said to commence its due diligence on an exclusive basis on 17 December, after it lodged a bid to acquire Link’s BCM business for up to $86.5 million.
