Both offers came in way below the $6.37 a share PEP floated the company for on the sharemarket in 2015. Morningstar’s Gareth James has valued the company at $7.70 per share, and said the two suitors were likely to engage in a bidding war.
Link told shareholders on Thursday it would give both groups access to the company’s books and records to conduct due diligence, leaving the door open for better offers.
“The Link Group board considers that the SS&C proposal does not represent compelling value for Link Group shareholders on a control basis,” it said.
“However, the board considers that it is appropriate to provide SS&C with due diligence information on a non-exclusive basis so that it can develop a proposal that may be capable of being recommended to shareholders.”