Hargreaves Lansdown rejects private equity takeover bid

hargreaves lansdown rejects private equity takeover bid

Hargreaves Lansdown office.

Hargreaves Lansdown has rebuffed a takeover proposal worth £4.67 billion (€5.48 billion) made by a private equity consortium on 26 April.

On Wednesday, the board of directors said they were unanimously opposed to the offer which values individual shares at 985p, claiming it "substantially undervalues" the business.

The consortium includes buyers CVC Capital Partners, Nordic Capital, and Platinum Ivy, a subsidiary of Abu Dhabi's sovereign wealth fund.

The consortium's offer represents a 30% premium on Hargreaves Lansdown's share price of 755p at the end of April, although the stock's value has since risen.

At around 10h45 CET in daily trading, the share price was up more than 8%.

The private equity group said it was continuing to consider a possible offer for Hargreaves Lansdown and explained that a further announcement would be made. The group of investors must decide whether to make a firm offer by 19 June.

The recent bid is part of a wider trend of private equity firms investing in the UK's wealth management sector.

In February, US-based company Charlesbank Capital Partners became the lead private equity investor in UK-based Perspective Financial Group.

Both Cardale Asset Management and Ascot Lloyd have been acquired by private equity companies in recent years.

OTHER NEWS

3 hrs ago

Visit by northern politicians to Buhari, plot to unseat Tinubu in 2027 – Shehu Sani

3 hrs ago

Europe: 5 gorgeous cities to visit where cars are banned

3 hrs ago

TikTok group forms the Gen Z Alliance Party of Kenya, Mixed Reactions

3 hrs ago

Nigerians are hungry – Orji Kalu tells Tinubu

3 hrs ago

Belgium’s Lukaku turns into Euro 2024’s VAR casualty

3 hrs ago

UK: Travel Chaos At Manchester Airport After Major Power Cut 3

3 hrs ago

CNBC Daily Open: Dow posts best week since May, Tesla cuts 14% of workforce

3 hrs ago

South Korea: Lithium battery factory fire kills several

3 hrs ago

NBS reveals price of five Nigerian foods increased by 219% under Tinubu

3 hrs ago

Hikes, nosy neighbours afflict Zimbabweans in quest for mobile connection

4 hrs ago

Kimani Ichung'wah Makes Unexpected Remarks about Gen Zs Days after Outburst

4 hrs ago

Shaman eats raw buffalo meat in ancient thanksgiving ceremony in Thailand

4 hrs ago

Dave Portnoy's net worth: How rich is the Barstool Sports owner?

4 hrs ago

U.S. Carrier Arrives in Busan, South Korea Ahead of Military Drills - TaiwanPlus News

4 hrs ago

Isaiah Ejeh announces Kwara United departure

4 hrs ago

Russia ends Dagestan anti-terror operation, death toll rises

4 hrs ago

UK: Travel Chaos At Manchester Airport After Major Power Cut 5

4 hrs ago

Here's How To Fix Your Child’s Sleep Schedule

4 hrs ago

Nigerians borrow N3.82tn from banks amid hardship

4 hrs ago

Euro 2024: Paul Scholes hands Southgate three changes to make in England starting XI

5 hrs ago

China: 5G drives advances in smart transportation systems across China

5 hrs ago

China's Kaisa Group liquidation petition adjourned by Hong Kong court

5 hrs ago

China 'has no right to punish' Taiwan, President Lai says

5 hrs ago

Surprising Science-Backed Benefits of Green Tea

5 hrs ago

McLaren now has best package in F1, says Sainz

5 hrs ago

National park solar farm plan turned down

5 hrs ago

Transfer: Huge talent – Becker begs Kompany to sign 22-year-old star for Bayern Munich

5 hrs ago

Ilechukwu targets more success with NPFL champions Rangers

5 hrs ago

European IPOs fizzle out as political turmoil roils stocks

5 hrs ago

Mike Ashley's Frasers buys THG's portfolio of luxury goods websites

5 hrs ago

Rivers: Tension persists ahead Appeal Court judgement

5 hrs ago

Kenya's 2024/25 Budget: See 18 Countries William Ruto Plans to Borrow Loans

5 hrs ago

Madubuike applauds Abia Warriors players after draw against Doma United

5 hrs ago

Peter Obi hails Nigerian architect honoured in Canada for community development

5 hrs ago

China: Rescuing a Car from the River

6 hrs ago

Up 55% So Far This Year, Is It Too Late to Buy Broadcom Stock?

6 hrs ago

Wedding dresses you won’t forget: Wed Studio bridalwear marries tradition with ‘crazy’

6 hrs ago

IAEA urges halt to attacks on town near Ukrainian nuclear plant

6 hrs ago

Exclusive-China's ByteDance working with Broadcom to develop advanced AI chip, sources say

6 hrs ago

‘A piece of China mislaid’: in Mengzi, Yunnan, charming traces of its time as treaty port