Australia’s Link Administration Holdings Ltd said that its shareholders voted in favour of Canadian Dye & Durham Ltd’s revised offer of A$4.81 per share, that valued the share registry company at A$2.47 billion ($1.70 billion).
Link said that, at a shareholder meeting, 98.77% of its stockholders cast their votes in favour of revising the base cash consideration to A$4.81 per share from A$5.50 per share, while 98.71% were in favour of the proposed buyout.
Cloud-based software company Dye & Durham Ltd had revised its offer for Link multiple times in the past. In December, it came out with an offer to buy Link at A$5.50-a-piece, but since then had to slash and readjust its bid, citing a decline in valuation.
Earlier, the country’s competition regulator also raised concerns, and said it has not reached a view on Dye & Durham’s request for the informal merger clearance.
Source: Reuters.com