The Link Administration Holdings Ltd (ASX: LNK) share price is pushing higher on Monday morning.
At the time of writing, the administration services company's shares are up 1.5% to $3.75.
What's going on with the Link share price?
This morning Link provided the market with an update on the Dye & Durham takeover approach. This follows an update earlier this month that revealed that the ACCC had concerns over the approach due largely to Link's ownership in PEXA Group Ltd (ASX: PXA).
According to the release, Link has received a letter from Dye & Durham stating that it is considering providing an undertaking to the ACCC in order to obtain approval.
However, in light of this and the current state of the financial markets, Dye & Durham is reducing its takeover offer by approximately 22% from $5.50 per share to $4.30 per share.
Other than a reduction in the offer price, Dye & Durham is not making any further amendments or alterations to the proposal. This means that if the suitor reaches an agreement to sell its BCM business, shareholders will be entitled to receive any net consideration received up to 12 months after the implementation of the scheme and up to 13 cents per Link share.
What now?
The Link board has advised that it will consider Dye & Durham's request. This will include obtaining advice from its financial, legal and tax advisers.
After which, it will provide shareholders with an update in the coming days. This includes any updates to the scheme timetable previously announced and the timing of the scheme meeting, which is currently scheduled for 13 July.
All in all, this takeover may not be dead. Though, longer term shareholders may not be too impressed with the reduction in value. So, the shareholder vote, if it happens, will be an interesting one.
