Link Group, Adbri agree to billion-dollar takeovers

Shares in Link Group and Adbri have soared after both companies agreed to billion-dollar takeovers set to shrink the bourse further.

Link Group, a Sydney-based provider of services to the superannuation industry with more than 6,000 employees around the world, announced on Monday it had agreed to be acquired by Japan's Mitsubishi UFJ Financial Group (MUFG) for $1.2 billion.

Shareholders will receive $2.26 per share, a 32.9 per cent premium to LNK's closing share price on Friday.

"The proposed transaction validates Link Group's leading global technology-enabled platforms, which serve as core infrastructure in financial markets in multiple jurisdictions around the world," said company chief executive and managing director Vivek Bhatia.

The deal values Link Group at $2.1 billion, including its $921 million in debt.

Cement, concrete and lime manufacturer Adbri has tentatively agreed to be taken over by CRH and Barro Group after the two companies submitted a $2.1 billion non-binding takeover offer of $3.20 per share.

CRH is an Ireland-based building company listed on the New York Stock Exchange, while Barro Group is a Victoria-based and family-owned concrete supplier.

"This acquisition would strongly complement our existing Australian business, creating additional opportunities for growth and development," CRH chief executive Albert Manifold said.

Late on Monday afternoon, Link Group shares were up 27.4 per cent to $2.165, while Adbri shares were up 32.1 per cent to $3.

Both companies are in the ASX300. Adbri, an Adelaide-based company formerly known as Adelaide Brighton, was dropped from the ASX200 in March.


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