UPDATE 1-Link Administration opens books to Carlyle consortium in hope of improved offer

(Adds background on revised offer)

Oct 28 (Reuters) - Australia’s Link Administration Holdings Ltd agreed on Wednesday to open its books to Carlyle Group Inc and Pacific Equity Partners after they raised their offer for the shareholder registry firm this week.

However, the shareholder registry firm said it did not see “compelling value” in the sweetened A$2.87 billion ($2.05 billion) takeover offer.

The promise of due diligence information comes on the deadline date set by the consortium, failing which it had threatened to walk away from the deal.

Link said it was providing the information in the hope that it would lead to a proposal it could recommend to shareholders. The private equity duo had bumped up its offer by nearly 4% after Link rejected a previous offer last week.

The revised proposal also includes an alternative option to buy Link if it spins off its online property transaction firm, PEXA, for A$3.80 per share.

On Wednesday, Link said determining the viability of the separation of PEXA required further work under the revised proposal. The consortium has previously said a separation can be achieved quicker under its proposal. ($1=A$1.4027) (Reporting by Soumyajit Saha and Nikhil Kurian Nainan in Bengaluru; Editing by Sam Holmes)