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.

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“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.”



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