Australia’s Link said its board was unable to recommend a new takeover offer from the Canadian legaltech and financial software company, after the latter wrote that it could not accept conditions set by the U.K.’s Financial Conduct Authority, which regulates seven subsidiaries involved in the deal. (The Logic)

Talking point: The limits set by the U.K. financial watchdog are the latest challenge for the embattled deal. The regulator said last week Dye & Durham would need to commit a redress payment of £306 million to gain FCA approval, amid an investigation of a Link-managed equity income fund. The Canadian firm said its new offer to buy Link for A$3.81 per share, with up to A$1 per share to be added after the FCA’s investigation concluded, would “create more value with greater speed and certainty” than other alternatives. But Link disagreed. Meanwhile, Dye & Durham said it expects its fiscal fourth-quarter revenue to be about $129 million, up 53 per cent from the same period last year, but below analyst expectations. Its stock initially fell Monday but closed up 0.62 per cent on the Toronto Stock Exchange.