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.