Link Group has rejected another offer made by the consortium which increased its bid to $5.40.
The consortium led by Pacific Equity Partners and Carlyle Group increased its offer price on October 26. After careful consideration, Link rejected the offer two days later.
"The board considers that the revised proposal does not represent compelling value for Link Group shareholders on a control basis and further work is required to determine the viability and attractiveness of the separation of the PEXA and Link (ex PEXA) assets envisaged under the revised proposal," Link wrote in a statement.
Link said it continues to examine alternatives, which includes separating or demerging PEXA.
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The consortium has upped its bid from $5.20 per share to $5.40 (via a scheme of arrangement), which Link was not satisfied with.
Link said that it will provide the consortium with "due diligence information on a non-exclusive basis so that it can develop a proposal that may be capable of being recommended to shareholders."
"The due diligence information will be provided subject to entry into an appropriate confidentiality agreement containing suitable protections for Link Group, including a standstill clause," Link said.
"There can be no certainty that such a proposal will eventuate and shareholders do not need to take any action in relation to the revised proposal and the board will update shareholders as appropriate."
On October 9, before the proposed takeover was announced to the market, Link shares traded at $3.99 per share. Shares have traded above $4.50 since the announcement.