⁍ Link Administration Holdings Ltd LNK.AX said on Monday private equity firms Carlyle Group CG.O and Pacific Equity Partners raised their takeover offer.

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⁍ The new proposal also includes an option to acquire a stake in PEXA, an online property transaction firm that Link holds a stake in.

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– Private equity firms Carlyle Group and Pacific Equity Partners have raised their bid for Australia’s Link Administration Holdings to more than $2 billion, after the previous offer was rejected, Reuters reports. The new offer includes an option to acquire a stake in Link without it being bought at $3.80 per share. Link dismissed the initial proposal last week saying it undervalued the company, but said it would consider spinning-off the 44.2% stake it holds into a listed company. The private equity duo in a separate statement said they will work with Link to list Carlyle and Pacific Equity by Commonwealth Bank of Australia and Morgan Stanley. The latest offer values the New South Wales-based company at A$5.40 per share, nearly 4% higher than the earlier bid, and at more than a 10.2% premium to Link’s last close. The proposal has received further backing from shareholders, with owners of 14.6% of Link supporting the consortium’s revised bid. Link dismissed the initial proposal last week saying it undervalued the company, but said it would consider spinning-off the 44.2% stake it holds into a listed company.