Link shareholders approve takeover

Link Group shareholders have voted in favour of the proposed acquisition by MUFG's subsidiary Mitsubishi UFJ Trust & Banking Corporation (The Trust Bank).

MUFG made the $1.2 billion takeover bid in December last year. MUFG will pay $2.26 cash for every Link share, inclusive of a $0.16 dividend.

The takeover still requires regulatory approval, but once granted the acquisition should be complete in May 2024.

Link said on May 1 shares will be suspended on trading on the ASX and Link Group shareholders will have their shares purchased on May 14.

Link chief executive Vivek Bhatia said joining forces with MUFG would be very beneficial for their clients and employees.

"Their long-term investment horizon will further evolve out service proposition, bolster our growth strategy, and open up significant opportunities for our businesses," Bhatia said.

"We are excited about the opportunities this transaction presents for our future and look forward to working together with MUFG and The Trust Bank to achieve our shared goals."

The Trust Bank senior managing executive officer Takafumi Ihara said The Trust Bank is one of the largest pension and stock administration providers in Japan.

"We truly believe the acquisition of Link Group will further enable MUFG to accelerate its global business expansion, with access to the Australian superannuation funds and global corporate clients to service out broad range of MUFG solutions, and enabling us to strengthen the global reach, develop growth opportunities and expand the business scale together," Ihara said.