Case Study: ACCC clearance for Dye and Durham $A2.5 billion takeover of ASX-listed Link Administration Group Limited
The background
We acted to secure ACCC informal clearance for Dye & Durham of its A$2.5 billion proposed takeover of ASX listed Link Administration Group Limited, which owned a 42.7% stake in PEXA Limited. PEXA principally operates an Electronic Lodgement Network (ELN) product, PEXA Exchange which enables users to complete property lodgements and settlements electronically through a digital process known as e-conveyancing.
The details
The ACCC flagged concerns about potential anti-competitive behaviour in the conveyancing workflow after the acquisition, warning of possible market foreclosure due to mutual preferential dealing between Dye & Durham and PEXA. The ACCC ultimately cleared the acquisition within tight time frames to align with the takeover process and timelines, subject to a court enforceable undertaking from D&D to divest its existing Australian businesses.