Why is the Link share price frozen on Friday?

a woman wearing a dark business suit holds her hand up in a stop gesture while sitting at a desk. She has a sombre look on her face.a woman wearing a dark business suit holds her hand up in a stop gesture while sitting at a desk. She has a sombre look on her face.

The Link Administration Holdings Ltd (ASX: LNK) share price won’t be going anywhere on Friday.

This comes as the company requested that its shares be placed in a trading halt.

Currently, the administration services company’s shares are frozen at $3.20 apiece.

It’s worth noting that Link shares have fallen more than 24% over the past month.

Prior to the market opening, the company requested that the Link share price be halted while it prepares an announcement.

According to the release, the company is planning to make an announcement in relation to an update on the scheme of arrangement with Dye & Durham Corporation.

Link has requested that the trading halt remains in place until 26 September or following the release of the announcement, whichever comes first.

More on the Link deal

After deliberations and revised offers, Canadian-listed Dye & Durham is finally set to acquire Link for $4.81 per share.

Link shareholders accepted the takeover offer with a 98% majority in favour during late August.

And just two weeks ago, the Australian Competition and Consumer Commission (ACCC) gave the green light for Dye & Durham to buy out Link.

Link shareholders will also receive a net consideration of up to 13 cents per share from the sale of its Banking and Credit Management (BCM) business. However, this is provided that the business is sold and proceeds are received up to 12 months after the implementation of the revised scheme.

About the Link share price

Since this time last year, Link shares are down 23%, with year-to-date recording even heavier losses, down 40%.

In contrast, the S&P/ASX All Technology Index (ASX: XTX) has fallen 33% in 2022.

Link commands a market capitalisation of approximately $1.7 billion.

The post Why is the Link share price frozen on Friday? appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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