Chanticleer
Link’s Carapiet in M&A hot seat after fresh bid
Private equity has come knocking on the door of Link Administration for the second time in a year with an offer that is lower than the first time, but looks compelling.
Link Administration chairman Michael Carapiet’s reputation for knocking back takeover bids appears to have put a dampener on the market response to a $2.8 billion offer from private equity powerhouse, Carlyle Group.
Normally, when a takeover lobs the target company’s stock price moves to within about 5 per cent of the offer. In this case, the offer is $5.38 and the stock price is 11 per cent lower at $4.80, up 10 per cent on the previous close.
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