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Link Administration Holdings Ltd. says Dye & Durham Corp. has proposed to cut its takeover offer for the company.

The Australian company says Dye & Durham wants to reduce its offer to A$4.30 per share compared with an earlier offer of A$5.50 per share.

Link Group says its board will consider the request and consult with its financial, legal and tax advisers.

Dye & Durham announced its deal to buy Link Group in December last year for C$3.2 billion.

The Toronto-based company said at the time the acquisition would expand its customer base in key U.K. and Australian markets and strengthen its business-to-business software and information service solutions.

The Australian Competition and Consumer Commission said earlier this month that it had significant preliminary competition concerns with the deal.

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