SS&C Technology withdraws from race for Australia's Link Group

[BENGALURU] Australia's Link Administration Holdings said on Monday that US-based SS&C Technology Holdings had withdrawn its offer to acquire Link Group.

SS&C Technology in December had offered to buy the company for A$3.02 billion (S$3.07 billion).

Sydney-based Link had earlier said SS&C's A$5.65 per share offer was not compelling enough and had asked the US-based software firm to better its offer, despite it being nearly 5 per cent higher than a rival bid from private equity firms Carlyle Group and Pacific Equity Partners.

The Link Group Board will continue to consider all alternatives, including the sale of its interest in Torrens Group Holdings and its core asset PEXA from Jan 18, the company said.

Link, which also provides services to fund managers and trading firms, said in October it was looking at potentially spinning-off PEXA, an online property transaction firm owned 44.2 per cent by Link, into a separate listed company.

REUTERS