The fourth takeover attempt of superannuation administrator and share registry company Link Group in the past two years has fallen over, after a proposed $2.5 billion buyout by Canada’s Dye & Durham was declared dead late on Friday.

It comes after 10 months of tortuous negotiations; the final straw being rulings in the past 10 days by Britain’s Financial Conduct Authority over the collapse of a Woodford retail fund in mid-2019 that was administered by Link’s British subsidiary.