Link Group receives $1.2b takeover bid

Super fund administration service provider Link Group has received a $1.2 billion takeover bid from a subsidiary of Japanese giant, Mitsubishi UFJ Financial Group.  

The company provides member admin for major super funds and share registry services. In an ASX announcement, its board unanimously endorsed the deal, which will see its shareholders receive $2.1 per share plus a dividend of $0.16.  

The deal is subject to regulatory, shareholder and court approvals. Link Group recently signed a memorandum of understanding with AustralianSuper which will see it staying the core administration services provider until at least 2028.