Mitsubishi UFJ Agrees A$1.2 Billion Deal for Australia's Link Administration
By Alice Uribe
SYDNEY--Mitsubishi UFJ Financial Group agreed to buy Link Administration in a deal valuing the Australian financial technology company's equity at 1.2 billion Australian dollars (US$800 million).
Link on Monday said its board had unanimously recommended that shareholders vote in favor of the deal, in the absence of a superior proposal.
"The board believes that the proposed transaction will benefit both shareholders and stakeholders," Link Chair Michael Carapiet said.
Mitsubishi UFJ agreed to acquire Link via a scheme of arrangement through the Japanese company's Mitsubishi UFJ Trust & Banking Corp. subsidiary, Link said.
If the deal is approved, Link shareholders would receive about A$2.26 per share, comprising A$2.10 in cash and a dividend of A$0.16.
The offer valued the company's equity at A$1.2 billion and implied an enterprise value of A$2.1 billion, Link said. Link shares closed Friday at A$1.70.
The scheme is expected to be implemented in June 2024, subject to approvals, Link said.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
December 17, 2023 17:13 ET (22:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 New Stocks to Buy With Catalysts for Future Gains
-
Markets Brief: Q2 Earnings Season Begins With the Banks
-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
The 10 Best Dividend Stocks
-
3 Smaller-Company Stocks the Best Fund Managers Are Buying
-
SolarEdge Stock Is Down 74% In 2024. Is It a Buy or a Sell?
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities