Target(s)
- Link Administration Holdings
Summary
Dye & Durham (D&D) proposed to acquire, through a subsidiary, Link Administration Holdings (Link). Link owns a 42.77% stake in PEXA Group Limited (PEXA).
D&D provides information search and broking services Australia-wide and jurisdiction specific conveyancing software solutions and lodgement services. Link provides outsourced administration services for superannuation funds and corporate markets, and other related services. PEXA operates an Electronic Lodgement Network.
The ACCC commenced its public review of the Proposed Acquisition on 1 March 2022.
On 16 June 2022, the ACCC published a Statement of Issues outlining preliminary competition concerns in relation to the Proposed Acquisition.
On 4 August 2022, the ACCC commenced market consultation on a draft proposed 87B undertaking.
On 8 September 2022, the ACCC decided to not oppose D&D’s proposed acquisition of Link, subject to the ACCC accepting a court enforceable undertaking from D&D to divest its existing Australian businesses.
D&D sought the ACCC’s consent to the withdrawal of the Undertaking pursuant to s 87B(2) of the Competition and Consumer Act 2010 (Cth). As D&D’s proposed acquisition of Link is no longer proceeding, the ACCC provided its consent to withdraw the Undertaking in its entirety on 20 October 2022.
Market definition
Refer to the Public Competition Assessment below
Competition analysis
Refer to the Public Competition Assessment below
Market inquiries
Statement of issues
Public competition assessment
Undertakings
Timeline
| Date | Event |
|---|---|
| 01/03/2022 | ACCC commenced informal review under the Informal Merger Review Process Guidelines. |
| 15/03/2022 | Closing date for submissions. |
| 10/05/2022 | Former provisional date for announcement of findings (26 May 2022) is delayed pending receipt of information from the parties. |
| 19/05/2022 | ACCC received further information. |
| 03/06/2022 | Former provisional date for announcement of findings (9 June 2022) delayed to allow parties more time to provide additional information. |
| 16/06/2022 | ACCC published a Statement of Issues outlining preliminary competition concerns. |
| 07/07/2022 | Closing date for submissions relating to Statement of Issues. |
| 04/08/2022 | ACCC commenced market consultation on proposed s87B undertaking. |
| 18/08/2022 | Closing date for submissions relating to the proposed s87B undertaking. |
| 08/09/2022 | ACCC announced it would not oppose the proposed acquisition, subject to a section 87B undertaking accepted by the ACCC. |
| 20/10/2022 | The s87B undertaking was withdrawn (refer to Withdrawal Instrument above) |