Australian data-services firm Link Administration Holdings Ltd. has rejected an improved takeover offer from Canadian software firm Dye & Durham Ltd. for the second time in as many weeks.

The company’s board said it is “unable to recommend” a A$4.57 (US$3.13) per share deal, according to a Link statement Monday. That was an improvement on an earlier A$4.30 offer but below an initial bid of A$5.50 a share.  

Dye & Durham proposed lowering its takeover offer for what is the biggest back-office service provider to Australia’s booming pension industry by 22 per cent last month, citing the current state of financial markets and the value of both Link and its recently spun out conveyancing unit PEXA Group Ltd.

Link will continue to engage with Dye and Durham, it said in the statement, while noting it expected operational earnings before interest, taxes, depreciation and amortization to be 8 per cent-19 per cent higher this financial year than last, while revenue was on track to grow in the low single digits.