Mitsubishi UFJ Financial Group to Acquire Link Administration in $800 Million Deal
Mitsubishi UFJ Financial Group has announced its agreement to acquire Link Administration, an Australian financial technology company, in a deal valued at 1.2 billion Australian dollars (US$800 million). This acquisition is expected to bring mutual benefits to both shareholders and stakeholders.
Unanimous Recommendation from Link Administration Board
Link Administration's board has unanimously recommended that shareholders vote in favor of the deal, given the absence of a superior proposal. "The board believes that the proposed transaction will benefit both shareholders and stakeholders," said Link Chair Michael Carapiet.
Acquisition Process and Offer Details
Mitsubishi UFJ will acquire Link through a scheme of arrangement with its Mitsubishi UFJ Trust & Banking Corp. subsidiary. Under the proposed agreement, Link shareholders would receive approximately A$2.26 per share, consisting of A$2.10 in cash and a dividend of A$0.16. The offer values the company's equity at A$1.2 billion and implies an enterprise value of A$2.1 billion.
Expected Timeline and Approval Process
Subject to approvals, the scheme is projected to be implemented in June 2024. Link Administration remains confident in the successful completion of the transaction.
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