Link bid for Pillar unsuccessful

Company News

by Jessica Ellerm

Link Group (ASX:LNK) has announced its bid to acquire superannuation administration business Pillar from the State of NSW has been unsuccessful.

Link submitted its proposal on the 10th of November, stating it believed it had a compelling proposition for the state government.

The bid was made in the face of concerns raised by the ACCC earlier in October that any possible acquisition could lessen competition in the supply of superannuation administration services.

Link Group has indicated it continues to remain active in considering and assessing a range of other opportunities.

Link Group reported a net profit of $42.46 million at 30 June 2016. 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.