By Alice Uribe
SYDNEY–Mitsubishi UFJ Financial Group agreed to buy Link Administration in a deal valuing the Australian financial technology company’s equity at 1.2 billion Australian dollars (US$800 million).
Link on Monday said its board had unanimously recommended that shareholders vote in favor of the deal, in the absence of a superior proposal.
“The board believes that the proposed transaction will benefit both shareholders and stakeholders,” Link Chair Michael Carapiet said.
Mitsubishi UFJ agreed to acquire Link via a scheme of arrangement through the Japanese company’s Mitsubishi UFJ Trust & Banking Corp. subsidiary, Link said.
If the deal is approved, Link shareholders would receive about A$2.26 per share, comprising A$2.10 in cash and a dividend of A$0.16.
The offer valued the company’s equity at A$1.2 billion and implied an enterprise value of A$2.1 billion, Link said. Link shares closed Friday at A$1.70.
The scheme is expected to be implemented in June 2024, subject to approvals, Link said.
Write to Alice Uribe at [email protected]
Read the full article here
