Mitsubishi UFJ Trust and Banking Corporation agreed to acquire Link Administration Holdings Limited (ASX:LNK) for AUD 1.2 billion on December 18, 2023. Link Group shareholders will receive AUD 2.1 cash per Link Group share under the scheme, plus a dividend of AUD 0.16 cash per Link Group share expected to be paid by Link Group. Link Group?s Board unanimously recommends that Link Group shareholders vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Link Group shareholders. The Scheme is subject to various conditions, including various regulatory approvals, approval by Link Group shareholders at the Scheme meeting, with a Scheme booklet and an independent expert?s report to be provided to Link Group shareholders, and Court approval. If the Scheme is approved by Link Group shareholders and the other conditions precedent are satisfied or waived, the Scheme is expected to be implemented in May or June 2024. As of March 21, 2024, Supreme Court of New South Wales approved the transaction. The Independent Expert has concluded that the Scheme is fair and reasonable and therefore in the best interests of Link Group Shareholders. As of April 22, 2024, all regulatory approvals which are Conditions Precedent to the Scheme have been satisfied, waived or will not be required. The Scheme Meeting, at which Link Group Shareholders will vote on the proposed Scheme, will be held on April 24, 2024 and Court approval, and certain matters not occurring before the Second Court Hearing currently scheduled for April 30, 2024.

Link Group is being advised by Macquarie Capital and UBS as financial advisers and Herbert Smith Freehills as legal adviser. BofA Securities Japan Co., Ltd. acted as financial advisor to Mitsubishi UFJ Trust and Banking Corporation. Ernst & Young Japan acted as due diligence provider, and Gilbert and Tobin acted as legal advisor to Mitsubishi UFJ Trust and Banking Corporation. Deloitte Corporate Finance Pty Limited is an Independent Expert to Link Administration. Morgan Stanley Japan Securities Co., Ltd acted as financial advisor to Mitsubishi UFJ Financial Group, Inc.