The Link Administration Holdings Ltd (ASX: LNK) share price is up 6.6% in morning trade to $4.08.
The big lift in the administration services company's shares comes after it received an improved takeover offer from Dye & Durham Corporation.
What is the new takeover offer?
It's been a bit of a seesaw when it comes to the value that Dye & Durham places on the Link share price. Dye & Durham's proposed acquisition of Link by way of a scheme of arrangement was first reported to the market on 22 December.
At the time the takeover offer was for $5.50 per share. But last week Monday 27 July, that figure was slashed by 22% to $4.30 per share.
The reduced Link share price offer came after the ACCC expressed concerns over the deal, apparently due to Link's ownership in PEXA Group Ltd (ASX: PXA). Dye & Durham told Link management it may need to provide an undertaking to the ACCC to obtain approval for its acquisition.
Atop that undertaking, Dye & Durham also cited "the current state of the financial markets" for its reduced offer.
This Monday 4 July, the Link board reported it could not recommend the takeover for $4.30 per share while stating they're continuing to negotiate the deal. The Link share price sank on the news.
But those negotiations look to have made some progress, as this morning Link reported Dye & Durham had increased its reduced offer by 6% to $4.57 per share.
The board said it will consider the revised offer. Link has opted to postpone the shareholders' meeting scheduled for next Wednesday 13 July for a date yet to be determined.
Link share price snapshot
Despite the nice lift today, the Link share price remains down 27% in 2022. That compares to a year-to-date loss of 13% posted by the S&P/ASX 200 Index (ASX: XJO).
Link has a market cap of $2 billion.
