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Australia’s Link Administration Holdings Ltd. LKADF said on Thursday it will recommend Canadian software firm Dye & Durham Ltd.’s DND-T revised offer of $4.81 Australian dollars a share ($4.28), that values the share registry company at $2.47-billion Australian dollars ($2.2-billion).

The revised takeover bid comes more than a week after Link said it was unable to recommend a prior offer of $4.57 Australian dollars a share ($4.07) that valued it at $2.34-billion Australian dollars ($2.08-billion).

“The Link Group board unanimously recommends that Link Group shareholders vote in favour of the revised scheme in the absence of a superior proposal,” the share registry firm said on Thursday, adding it was also subject to an independent expert concluding in favour of the offer.

Dye & Durham (DND) late last month cut its buyout offer to $4.30 Australian dollars ($3.83) in cash apiece, significantly down from a bid of $5.50 Australian dollars a share ($4.90) it had made in December, citing decrease in valuation of the company.

The cut had also come on the heels of the Australian competition regulator raising competition concerns about the offer.

DND’s subsequent approach to buy Link earlier this month – raising the offer price to $4.57 Australian dollars a share ($4.07) – was also thwarted by the board.

Over the past two years, Link has received multiple buyout proposals, namely from global investment firms Carlyle Group and KKR & Co. Inc., a failed bid by a consortium that included Carlyle – all vying to obtain its prized 42.8-per-cent stake in electronic conveyancing group PEXA.

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