Dye & Durham: Link Group Asked to Pay GBP356.1 Million by U.K. Regulator

By Adriano Marchese

Dye & Durham Ltd. said Wednesday the U.K.'s financial regulator has given a penalty of 50 million pounds (US$56.9 million) to its acquisition target, Link Administration Holdings Ltd., on top of a GBP306.1 million restitution payment.

Cloud-based software company Dye & Durham said the Financial Conduct Authority issued a draft warning notice to Link Group as part of its settlement decision procedure regarding investigation of Link Fund Solutions Ltd. and its management of the LF Woodford Equity and Income Fund.

On Sept. 12, the regulator said it wouldn't approve the acquisition if Dye & Durham won't cover any shortfall in the value of assets of Link Fund Solutions.

In response to the new financial considerations, Dye & Durham changed its proposed offer to pay 3.81 Australian dollars (US$2.55) a share, and should it not have to cover the shortfall, plus a further payment to the extent of its liability.

The Link Group board later rebuffed the restructured offer.

Dye & Durham said the new FCA decision triggers the Woodford Matters condition, but added that it continues to attempt to engage with Link Group regarding the proposed acquisition, and that it will update as appropriate.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 21, 2022 10:54 ET (14:54 GMT)

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