Link’s Dye & Durham deal dead after court meeting

Link Group chief executive Vivek Bhatia.The court refused to approve the scheme and dismissed the proceedings at Link’s 9:15am hearing, saying three precedent conditions including the Woodford matters were not met before their deadline, ahead of the September 30 drop-dead date.Durham’s $4.81 a share offer which pre-dates £356 million worth of potential fines from UK’s Financial Conduct Authority regarding Woodford matters.

Link, this week, knocked back the suitor’s proposal to split the $4.81 a share price into $3.81 upfront and $1 deferred after Link announced the first FCA fine announcement.Durham’s camp had not had any engagement with Link for the last 48 hours including after the FCA added another £50 million to the potential Woodford liability.

co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

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Link keeps Dye & Durham waiting after FCA fine estimatesLink Group’s lawyers were heading to the court to Friday morning armed for the second scheme meeting, while Dye & Durham’s camp was scratching its head on its silent treatment for the past 48 hours ad FCA fines loom on the deal.
Source: FinancialReview - 🏆 2. / 90 Read more »

Link keeps Dye & Durham waiting after FCA fine estimatesLink Group’s lawyers were heading to the court to Friday morning armed for the second scheme meeting, while Dye & Durham’s camp was scratching its head on its silent treatment for the past 48 hours ad FCA fines loom on the deal.
Source: FinancialReview - 🏆 2. / 90 Read more »