Breakingviews - Link’s M&A chain breaks into pieces Down Under

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It’s hard to feel bad for well-compensated bankers but Link Administration’s M&A advisers at Macquarie and UBS need some Christmas cheer. On Thursday their client pulled the plug on negotiations for a partial takeover by Canada’s Dye & Durham , effectively accusing its suitor of dithering. Thus ends a two-year long battle that once valued the share registry firm at A$2.8 billion ($1.9 billion).

Herbal remedies usually take a while to work. In Sinopharm's case, two years may be enough.

The Chinese pharmaceutical giant may revive a buyout of its 32%-owned traditional medicine arm listed in Hong Kong. A growing disconnect between the Asian hub’s markets and those on the mainland allows for the buyer to pay a bigger premium and still hope for lucrative relisting closer to home.

 

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