UPDATE 1-SS&C Technology withdraws from race for Australia's Link

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Jan 4 (Reuters) – Australia’s Link Administration Holdings Ltd said on Monday that U.S.-based SS&C Technology Holdings had withdrawn its offer to acquire Link Group.

SS&C Technology in December had offered to buy the company for A$3.02 billion ($2.33 billion).

Sydney-based Link had earlier said SS&C’s A$5.65 per share offer was not compelling enough and had asked the U.S.-based software firm to better its offer, despite it being nearly 5% higher than a rival bid from private equity firms Carlyle Group and Pacific Equity Partners.

The Link Group Board will continue to consider all alternatives, including the sale of its interest in Torrens Group Holdings and its core asset PEXA from Jan. 18, the company said.

Link, which also provides services to fund managers and trading firms, said in October it was looking at potentially spinning-off PEXA, an online property transaction firm owned 44.2% by Link, into a separate listed company.

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