(Bloomberg) -- Australia’s Link Administration Holdings Ltd. has pulled the plug on a potential takeover by Canadian technology company Dye & Durham Ltd., ending a two-year process that was at one point worth C$3.2 billion ($2.4 billion).

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The time for the satisfaction of outstanding conditions has expired, and there is no expectation they would be resolved, the Sydney-based data services firm said in an exchange filing Friday. Australia’s biggest service provider to its pensions industry is still considering whether to pay shareholders a special dividend of A$0.08 per share, the statement showed.

The decision not to proceed followed Link’s rejection of Dye & Durham’s revised offer on Monday, as the Toronto-based suitor sought to recut the deal in light of liabilities stemming from a collapsed fund Link administered that was run by UK star manager Neil Woodford. Dye & Durham said while making its latest proposal that it could not commit to funding redress payments for the collapsed fund.

UK’s Financial Conduct Authority issued a draft notice to Link Fund Solutions Ltd. on Sept. 20 warning that it faces an additional £50 million ($56 million) fine in relation to the collapse of the disgraced manager’s equity fund. The FCA had earlier said Link could face a redress payment of as much as £306 million.

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